Turkish Premier Recep Tayyip Erdogan said Turkey would not sign a stand-by deal with IMF in the term ahead.

In his address to the nation broadcast on TV Channels Wednesday night, Erdogan said talks with IMF broke because their government refused to bow down to political pressures.

"We have been telling the IMF that we had certain principles and that we would not give concessions to political pressures. In the end, because it turned out that there is no middle ground between our expectations and IMF's expectations we decided to end the process," said Erdogan.

Erdogan said Turkish economy proved itself and was able to stand on its own feet.

He said even IMF officials agreed that economic indicators showed Turkey did not need a stand-by deal.


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