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August 23, 2007 -

The Turkish Bulletin – 22/08/2007

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The Presidential election process kicked off on Monday as the 2/3 quorum (at least 367 MPs voting) was reached. But none of the three candidates obtained 367 votes to be elected in the first round: Abdullah Gul, the AKP candidate obtained 341 votes while his opponents from MHP and DSP received 70 and 13 votes, respectively. Recall that during the first two rounds, candidates can be elected with a qualified majority of 367 votes. On the third round, candidates are elected with a simple majority. Thus, Abdullah Gul should logically be elected President during the third round which will be held next week.

On the economical front, the local markets suffered from the global sub prime crisis but it could have been worse. In fact, Turkey can tolerate the global crisis – thanks to its solid fundamentals – as long as the contagion for global debt and commodity markets remains limited. As S&P warned, C/A deficit and budget deficit financing could become much more challenging.

Turkish Newsletter 22/08/2007 (109 ko)