İlhan Bıçak: The end of accumulations is over, there will be explosions

CHP Istanbul’s Deputy Cutter and Economist Ilhan was an important assessment of Turkey’s economic indicators. Noting that the AKP has created more external debt in 18 years than in the previous 80 years, he stated that the personal debt of the citizen has also multiplied by 26.

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Speaking to Aytunç Erkin, one of the columnists for the Sözcü newspaper, Break criticized the AKP with the words “seeking to save the day of power.” Cutter made the following determinations regarding risks in the pandemic period:

“Let me tell you that the pandemic will be close to over: when state aid ends, there will be big layoffs. Then … there will be explosions. Because people with good or bad positions have reached the end of their savings and their businesses will be closed. Without finishing … The bankruptcies of the company will begin … The total of educated young people unemployed is close to 2.5 million and they will not have a job …


İlhan Kesici, found a surprising reminder about Turkey’s foreign debt.

Stating that the IMF’s debt was $ 23 billion in 2002 and that the public debt to the IMF was $ 64 billion, he added: “A total of $ 87 billion! And in 2020? Look at the number: $ 187 billion. So… In 18 years, the external debt of the public sector has increased by 100 billion dollars! He says we reduced the IMF’s debts to zero, but he borrowed $ 100 billion outside the IMF. Now my word is what he told us: when the mind is poor, the language becomes arrogant! ” saying.

In providing information on private sector debt, Breaker continued his remarks as follows:

“How much is the private sector debt? The figure was $ 44 billion in 2002 and $ 248 billion in 2020! So… 204 billion dollars went up! Now we collect the private sector and the foreign debt, where we come from in 18 years. In 2002, total external debt (including the IMF) was $ 131 billion. In 2020, it was $ 435 billion. The numbers are in the middle: There is a difference of 304 billion dollars! “


Cutter made the following determination regarding the period from 1923, when the Republic was established, to 2002, that is, the AKP rule:

“Our debt for 80 years is $ 131 billion… In 18 years since 2002, our debt is $ 304 billion! During the period of the AKP, the debt of the entire Republic was made 3 times. Last point: in Turkey’s 80-year practice in economic geography, all we see from the public and private sector is the provision of $ 131 billion of foreign debt. There is neither a private sector factory nor a public factory in exchange for 304 billion dollars of debt! They sold these economic assets and made $ 70 billion. Without privatizations, the external debt, which was 304 billion dollars, would have been 374 billion dollars. “


Regarding the situation of the citizen’s debt, Cutter expressed the following:

“Let’s move on to domestic debt … $ 89 billion in 2002, $ 153 billion in 2020 … Look at the difference: $ 64 billion! Let’s look at the citizen, home now? What do we call personal debt? Loan for home, vehicle, consumer credit, etc. It was $ 4 billion in 2002 and $ 109 billion in 2020! In 18 years, 105 billion dollars increased 26 times! “

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