Turkish deputy PM blasts ratings agencies at G20

Babacan told reporters at the Moscow meeting that the raters have kept Turkey's credit report card below the country's deserved level

Turkish deputy PM blasts ratings agencies at G20

World Bulletin/News Desk

International ratings agencies “act as an oligopoly and the market's dependence on them should be reduced,” Deputy Prime Minister Ali Babacan said in fiery denouncement of the three top credit raters on the sidelines of the G20 meeting on Friday.

Babacan told reporters at the Moscow meeting that the raters have kept Turkey's credit report card below the country's deserved level, referring to Standard and Poor's downgrade of the country's credit in May of last year and Moody's recent decision to keep the country's outlook just below investment grade. Credit agency Fitch meanwhile received Turkish accolades late last year when it upped Turkey's credit to the coveted investment grade.

The minister said that Turkey's economic success during Europe's recession had earned him an invitation from the Institute of International Finance to speak on the country's path through a Europe-wide recession and its vision for the future.

Taking up the country's relations with G20 host country Russia, Babacan told journalists its bilateral partnership was “crucial for Turkey.” Underpinning the relation is Turkey's need for oil and gas from the energy-rich nation, a need which has superseded the two's opposing viewpoints on Syria. Babacan said that Turkey would continue its material assistance to Syrian refugees, saying that the number in Turkish camps was just over 160,000. He also estimated that between 50,000 and 100,000 Syrians are living in Turkey outside of the camps.

The minister also addressed the country's decades-long conflict with terrorism in the Southeast, saying that the conflict has held the region's economic prosperity captive for decades.

Last Mod: 16 Şubat 2013, 12:18
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