Arm of the financial crisis in the U.S. goes to Turkey | ekoayrinti.com / new breath into the world of work

Arm of the financial crisis in the U.S. goes to Turkey
Citibank's head is in trouble with the CMB. GOODKNOWLEDGE date stirring the leaves are shocked to find information ...

Who brokered the sale of foreign banks today aT Turkiye head of Citibank in trouble with the CMB said. Citibank Turkey's Star newspaper reports that the license revocation, fines and prison administrators in question take. U.S. investment bank Lehman Brothers sank in international organizations, including the removal of many of the derivative securities to sell in Turkey through Citibank's head that badly in trouble with the Capital Market Law. Operations Capital Markets Board (CMB), while enrolled in the study by Citibank Turkey's license revocation, fines and prison administrators in question take. Capital Markets Law, foreign investment banks that brokered the sale of the bonds in Turkey Citibank, Bank of Reconstruction, as in the case of 'sell securities without permission' is faced with a crime.

Here is today the focus of this claim in the record of the bank's 2001 economic crisis also is puffed iyibilgi'nin that arise with small-scale research. According to an article he wrote in 2003 Müderrisoğlu's, Bank of the 2001 crisis, exchange rate regimes have affected both ....

Taha Kıvanç is also noted in the same period of the topic in the morning at the corner of Okan Müderrisoğlu explains:

Assembly, Corruption Investigation Commission, in February 2001 brought to light aspects of the crisis while the rest of the darkness, a period which is the IMF, Stanley Fischer's influential man became the target.

IMF First Deputy to Turkey, while "floating currency" which Fischer edition, later resigned and moved to Citibank. Citibank is going to Fischer'ın peak, with low exchange rates during the crisis the Central Bank, the bank attracted the highest amount of foreign currency that has not escaped the attention of lawmakers. Citibank, at that time a full 1 billion 63 million dollars from the Central Bank took first place and sat down.


Such coincidence


Fischer's such a coincidence, was pushing for the floating exchange rate. Citibank had $ 1 billion in February 2001 crisis. Fischer later became the head of Citibank.

Assembly, Corruption Investigation Commission, in February 2001 brought to light aspects of the crisis while the rest of the darkness, a period which is the IMF, Stanley Fischer's influential man became the target.

IMF First Deputy to Turkey, while "floating currency" which Fischer edition, later resigned and moved to Citibank. Citibank is going to Fischer'ın peak, with low exchange rates during the crisis the Central Bank, the bank attracted the highest amount of foreign currency that has not escaped the attention of lawmakers. Citibank, at that time a full 1 billion 63 million dollars from the Central Bank took first place and sat down.

WANT DRY He said the floating
Recognized expertise in the foreign exchange policy with Fischer in 1999, stand-by arrangement signed with Turkey, the first "anchor set" model was proposed. However, beginning in November 2000 during the financial crisis, a proposal does not reflect public opinion too was brought up.

At that time, Fischer'la time of 7.5 hours when traffic conference was conducted to find the wire. Fischer, in the middle of November the crisis, "the program was hit. Wavy rules have no other option but to pass!" she said, but the government opposed.

The office of the Fund to be transferred and the IMF's $ 10 billion added to reserves ease of creation led to the November crisis in the aftermath of 11 December, Treasury Undersecretary Selcuk Demiralp and Central Bank Governor Gazi Erçel first to Frankfurt and then to New York passed. Turkey needs to support the exchange, $ 1 billion loan from Citibank for 6 months and found that the extension of credit facilities with options of 6 months were also obtained. In New York, the Turkish economy, staff met with Fischer, the month of February in the scenario clues given, and he said "Sharks once the smell of blood got. Then you lay not. This work first on the handle had to be!"

Mixed business
Calendars, 19 February 2001, when the show, November-December months through the tumultuous days of the economy, officials in Istanbul would host a major meeting. G-20 Finance Deputy Minister was in Turkey. "The political crisis in Ankara was" news to the field Fischer, Deputy Demiralp'le met and tell him, "This job is finished. Works mixed," he said. Fischer, went to Ankara in the evening of February 19.

That day at 18.30 and also had a meeting with Prime Minister Ecevit, the "free floating exchange rate" has requested. Ecevit said that the demand is very calm and listen in a way "with the coalition partners will consider," he said. That night, at the peak of economic management, "IMF support either floating or forget about us" to send a message Fischer, Prime Minister Bulent Ecevit, this message has requested to be transmitted.

Fischer, in the early hours of the morning of February 20 with the officials of the Central Bank views the last time and left at noon from Turkey.

Citibank would find this money?
Citibank, 20 February, the foreign customers to call, "We're going to the dollar," the message conveyed

Domestic banks are breaking the Turkish Lira jam, February 2001 decision to devalue the currency before the press and the Central Bank, Citibank and get $ 1 billion, the man who directed the operation occurred. Citibank Treasury at the beginning of that period, there was Ali Karaali. So that day, Citibank does not market heavily in the Turkish lira had this when I get the money?

DOLLAR RETURN to do
'The Constitution of the book launch' crisis occurred a week before the February 19, 2001 Citibank sold through the bond market began to turn to TL. TL interbank lending market, domestic banks are not open to bank lines was set to save money. Open positions to close the Central Bank's foreign exchange demand of banks 19-21 Şubat between purchased 5.3 billion dollars to 1 billion dollars alone, the Citibank, devaluation perturbations of extreme is out in the February 20 On the morning of the operation in the second step was started. Citibank's corporate customers by telephone from the Treasury Department through the following message was "We're coming to the U.S. Dollar. You get the dollars."

After this message of the bank deposits of companies established in Turkey with foreign partners or by activating the Turkish lira strengthens ammunition specified.

Meanwhile, the bank funder with a phone call from London, was set to collect dollars. That day quotations in a moment of dollars of foreign banks jumped. While the establishment of the center of 686 thousand pounds was selling dollars from foreigners 750-800 thousand pounds. Foreign companies to compete for dollars to buy dollars from the Center PCs running the day £ foreigners flowed.

'Centre will leave the sale of dollars'
February 21 to February 22 which connects the day was the Prime Minister held a meeting in excess of 13 hours. Prime minister's economic summit, time 13:15 'te Husamettin Ozkan, Deputy Prime Minister was to start with. Prime Minister Ecevit is 14:10 hours at the presidential summit began. The most critical issue of the summit, "anchor set" model "floating currency" was given the decision to switch to the model. Details do not escape the watchful eyes of a Central Bank Governor Gazi Erçel was hidden in the pocket. Erçel, the Prime Minister's decision to switch floating as the text had written explanation, had come prepared.

Erçel, a set of goals to defend at the expense of foreign currency reserves said they could not afford to melt and have to take this decision. The IMF pulls its support.'ll Be alone, "he commented.

Prime Minister Ecevit, one last time before this difficult decision has met with Chairman of the IMF. The IMF's attitude was sharp, but the program was renewed future, if supported. In the days following Ecevit called on U.S. President. U.S. clearly, "the IMF to deal with," he said.

But things did not end at this point. A group of bureaucrats drew attention to a critical issue. Bureaucrats, "If you are late free-floating, then immediately stop the sale of the Central Bank exchange drown" was the warning.