Azerbaijan, Baku, 24 September/ Trend / World economic crisis will affect Turkey also because of fall in credit market and investments accordingly, Mehmet Shimshek, minister of economy of Turkey said, Cihan news agency reported.
"We pursue very careful financial policy. Despite this, world economic crisis will affect Turkey as well," minister said.
"However, problem is not global and I hope it will be addressed soon," he said.
" Turkey was strong during previous economic shocks and current crisis will not create long lasting problem for the country," Shimshek said.
American financial crisis continues to collect new speeds and already reached a new stage. On this eve the stock trades were closed with a significant reduction of the leading indices up to the minimum level over the in past three years. The index of Dow Jones fell by more than 4% (450 points), Nasdaq reduced by almost 5%. The shares of the largest bank Morgan Stanley, one of those survived during this period, fell by 24.2%, which is the most considerable drop since 1998. With the hope to avoid the fate of the fourth largest American investment bank Lehman Brothers, which announced its bankruptcy this week, Morgan Stanley began negotiations on confluence with Wachovia Bank. Other aspirants to the confluence are British HSBC, Spanish Santader, Japanese Nomura Holdings Inc., and also the Chinese broker company CITIC Securities.
The wave of American crisis affected the entire world. The economic crisis in the USA strongly struck the Russian stock markets. As a result of large fall in the shares of the Russian stock exchanges, the trades in the stock markets RTS and MMVB were stopped according to the order by the Federal Financial Market Service of Russia. The analysts consider that it is necessary to overcome the crisis of liquidity in the money market to restore the situation in the market. The events in the world financial markets impel the Central Banks of different countries to undertake measures to overcome the approaching crisis. Thus, the Federal Reserve System, European Central Bank, Japan Bank and Bank of England declared combined actions for weakening the tension in the markets.
