

Currently released so far... 12453 / 251,287
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/10
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Adana
American Institute Taiwan, Taipei
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Barcelona
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chennai
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
Consulate Dubai
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Kolkata
Embassy Luxembourg
Embassy Luanda
Embassy London
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy La Paz
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Melbourne
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Naples
Consulate Naha
Embassy Pristina
Embassy Pretoria
Embassy Prague
Embassy Port Of Spain
Embassy Port Louis
Embassy Port Au Prince
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
USUN New York
USEU Brussels
US Office Almaty
US Mission Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
ASEC
AORC
AMGT
APER
AU
AF
AS
ACBAQ
AFGHANISTAN
AFIN
AR
AE
AJ
ADANA
AEMR
AG
ATRN
ADPM
APECO
AGAO
AMED
AX
AM
AL
ADCO
AA
AECL
AADP
ABUD
AMEX
ACAO
ANET
AODE
ASCH
AY
APEC
AID
AORG
ASEAN
AFSI
AFSN
AINF
AGR
AROC
AO
AMBASSADOR
AFFAIRS
ASIG
ABLD
ASUP
AND
ARM
ARF
AQ
ATFN
AC
ACOA
AORL
ADM
AUC
AGMT
ACABQ
ASEX
AFU
ALOW
AZ
APCS
AVERY
ASECKFRDCVISKIRFPHUMSMIGEG
AER
AN
AIT
AMG
AGRICULTURE
AMCHAMS
ACS
BR
BA
BD
BL
BO
BF
BU
BILAT
BEXP
BRUSSELS
BK
BN
BM
BT
BY
BX
BTIO
BIDEN
BG
BE
BP
BBSR
BC
BTIU
BWC
BB
BH
BMGT
CH
CY
CA
CU
CS
CO
CVIS
CPAS
CMGT
CE
COUNTER
CASC
COUNTRY
CJAN
COUNTERTERRORISM
CG
CI
CD
CIDA
CJUS
CDG
CBSA
CEUDA
CR
CM
CLMT
CAC
CBW
CODEL
COPUOS
CWC
CIC
CW
CBE
CHR
CFED
CT
CONS
CIA
CTM
CDC
CVR
CF
CLINTON
CITEL
CLEARANCE
COE
CN
CACS
CAN
CONDOLEEZZA
CB
CSW
CITT
CARSON
CNARC
CACM
CDB
CARICOM
COM
CROS
CAPC
CTR
CV
CKGR
CBC
CL
CICTE
CIS
ECON
EFIN
ELAB
ETRD
EIND
EC
EINV
EAGR
ENRG
ETTC
EAID
EPET
ELTN
EWWT
EAIR
EFIS
EMIN
EG
EU
ER
EUN
EPA
ENVI
EXTERNAL
ECPS
ENGR
ETRC
ECIN
EN
EI
ELN
ET
EINT
ETRDEINVTINTCS
ES
ETRDEINVECINPGOVCS
EZ
ETRO
EDU
ETRN
EFTA
EAIG
EK
EUREM
EURN
ECONCS
ECONOMICS
ENVR
ELECTIONS
EAP
ENIV
ECONOMY
ESA
EINN
ECONOMIC
EIAR
EXBS
ECA
ECUN
EINDETRD
EUR
EREL
EUC
ESENV
ECONEFIN
ECIP
ENERG
ENNP
EFINECONCS
EFIM
ENGY
EAIDS
EINVEFIN
EINVETC
EUMEM
ETRA
ETC
ERNG
ETRDECONWTOCS
EUNCH
ECINECONCS
EINVECONSENVCSJA
EXIM
ERD
EEPET
IR
IS
IZ
IAEA
IO
IAHRC
ID
IC
IT
IRAQI
IWC
IN
IL
ISLAMISTS
IV
ICAO
INDO
ITPHUM
ITPGOV
ITALIAN
IPR
ICRC
INTERPOL
IQ
IBET
IMO
INR
ITRA
INTERNAL
ICJ
ICTY
IRS
ILO
INRA
INRO
ISRAELI
IEA
INRB
ITALY
ITU
IBRD
IIP
ILC
INTELSAT
IZPREL
IMF
INMARSAT
IRAJ
IDA
ICTR
IA
IGAD
IF
IDP
ITF
ISRAEL
IEFIN
IRC
IACI
KN
KCRM
KOMC
KNNPMNUC
KIPR
KPAL
KWBG
KSCA
KFRD
KNNP
KUNR
KTIP
KWMN
KSTC
KFLU
KOLY
KISL
KPAO
KMDR
KJUS
KSTH
KDEM
KCOR
KIRF
KAWC
KU
KTFN
KWAC
KNPP
KERG
KSEO
KACT
KHLS
KZ
KGHG
KTIA
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KCRCM
KE
KPKO
KCIP
KDRG
KVPR
KV
KIDE
KICC
KPRP
KBIO
KSUM
KGIT
KCFE
KG
KBTS
KFLO
KMPI
KS
KGIC
KPAI
KHSA
KTLA
KSEP
KTEX
KFSC
KOCI
KHDP
KPLS
KTDB
KHIV
KCSY
KSAC
KTRD
KID
KMRS
KOM
KSAF
KRVC
KR
KMOC
KNAR
KIRC
KBCT
KSPR
KFIN
KBTR
KJUST
KNEI
KAWK
KGCC
KMCA
KREL
KMFO
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KFTFN
KVRP
KCOM
KO
KLIG
KAID
KVIR
KNSD
KHUM
KSEC
KRAD
KPRV
KCMR
KPWR
KCHG
KIFR
KCFC
KICA
KPIN
KSCI
KESS
KDEV
KTBT
KCRS
KCGC
KOMS
KRIM
KTER
KREC
KPOA
KWWMN
KRGY
KPAK
KWNM
KMIG
KDDG
KRFD
KWMM
KWMNCS
KX
KRCM
KPAONZ
KNUC
KDEMAF
KNUP
MARR
MOPS
MASS
MCAP
MTCRE
MNUC
MIL
MX
MEDIA
MO
MPOS
MU
ML
MA
MP
MY
MERCOSUR
MG
MD
MW
MK
MAS
MEETINGS
MR
MT
MI
MOPPS
MASC
MTS
MLS
MILI
MAR
MTRE
MEPN
MAPP
MTCR
MEPI
MQADHAFI
MAPS
MARAD
MASSMNUC
MEPP
MCC
MZ
MILITARY
MDC
MRCRE
MC
MV
MIK
MUCN
NATO
NL
NZ
NPT
NI
NAFTA
NU
NDP
NIPP
NP
NPA
NG
NRR
NO
NSC
NEW
NE
NH
NR
NA
NS
NSF
NZUS
NATIONAL
NSG
NC
NT
NAR
NK
NGO
NV
NSFO
NSSP
NASA
NW
NPG
NORAD
NATOPREL
OTRA
OAS
OPRC
OIIP
OVIP
OREP
OPDC
OEXC
OSCE
OFFICIALS
OMIG
ODIP
OFDP
OECD
OPIC
OBSP
OPCW
OFDA
OTR
OSAC
OSCI
ON
OCII
OES
OVP
OIC
OPAD
OIE
OHUM
OCS
PREL
PGOV
PK
PHUM
PINS
PARM
PA
PTER
PINR
PREF
PHSA
PBTS
PBIO
PO
POL
PE
PARMS
PM
PROG
PL
PAK
POLITICS
PORG
PTBS
PNAT
PUNE
POLICY
PDOV
PCI
PROP
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PBT
PP
PS
PAO
PG
PY
PTERE
PGOF
PALESTINIAN
PKFK
PSOE
PEPR
PPA
PINT
PMAR
PRELP
PSEPC
PREFA
PGOVE
PINF
PHUMPGOV
PNG
PMIL
PGOC
PFOR
PCUL
PLN
PSA
PGIV
POLINT
PAS
POGOV
PHUMPREL
PHUMBA
PEL
PGGV
PNR
PHALANAGE
PARTY
PGOVLO
PRAM
PHUS
PDEM
PECON
PF
POV
PROV
PRL
PREO
PAHO
PHUH
PSI
PINL
PU
PRGOV
PAIGH
POLITICAL
PARTIES
POSTS
RS
RU
REACTION
REPORT
REGION
RIGHTS
RO
RW
RCMP
RF
RM
RFE
RSP
RP
RICE
ROBERT
ROOD
RELATIONS
RIGHTSPOLMIL
RUPREL
RSO
SU
SNAR
SO
SOCI
SW
SENV
SMIG
SCUL
SP
SZ
SENVKGHG
SR
SY
SA
SYRIA
SF
SI
SC
SWE
SARS
STEINBERG
SN
SG
SIPRS
ST
SEVN
SL
SPCE
SNARIZ
SSA
SNARCS
SYR
SK
SPCVIS
SHUM
SIPDIS
SHI
SH
SOFA
SEN
SNARN
SAARC
SAN
SANC
SCRS
TRGY
TBIO
TU
TF
TERRORISM
TI
TSPL
TPHY
TH
TIP
TSPA
TC
TO
TW
TX
TZ
TNGD
TT
TL
TV
TFIN
TS
TRSY
TINT
TN
TURKEY
TBID
TD
TK
TR
THPY
TP
TAGS
UNGA
UN
UK
US
UNC
UNSC
USUN
UG
UP
UY
USEU
UNESCO
USPS
USTR
UZ
UNHRC
UNO
UNMIK
UNAUS
UNHCR
UNCHR
USAID
UNVIE
UAE
USOAS
UNFICYP
UV
UNEP
UNODC
UNCHS
UNIDROIT
UNDESCO
UNDC
UNCHC
UNDP
UNCND
USNC
UNPUOS
UNICEF
UNCSD
UE
Browse by classification
Community resources
courage is contagious
Viewing cable 09ISTANBUL269, KOC EXECUTIVES ASSESS TURKEY'S ECONOMY
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09ISTANBUL269.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
09ISTANBUL269 | 2009-07-15 08:08 | 2011-04-06 00:12 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Consulate Istanbul |
VZCZCXRO7598
PP RUEHAG RUEHAST RUEHDA RUEHDBU RUEHDF RUEHFL RUEHIK RUEHKW RUEHLA
RUEHLN RUEHLZ RUEHNP RUEHPOD RUEHROV RUEHSK RUEHSL RUEHSR RUEHVK
RUEHYG
DE RUEHIT #0269/01 1960809
ZNR UUUUU ZZH
P 150809Z JUL 09
FM AMCONSUL ISTANBUL
TO RUEHC/SECSTATE WASHDC PRIORITY 9068
INFO RUEHZL/EUROPEAN POLITICAL COLLECTIVE PRIORITY
RUEKJCS/DIA WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASH DC PRIORITY
RUEAIIA/CIA WASHDC PRIORITY
RUCPDOC/DEPT OF COMMERCE WASHDC PRIORITY
RHEHAAA/WHITE HOUSE WASHDC PRIORITY
UNCLAS SECTION 01 OF 02 ISTANBUL 000269
SENSITIVE
SIPDIS
TREASURY FOR INTERNATIONAL AFFAIRS
E.O. 12958: N/A
TAGS: ECON EFIN PGOV TU
SUBJECT: KOC EXECUTIVES ASSESS TURKEY'S ECONOMY
REF: ANKARA 926
¶1. (SBU) SUMMARY: Koc executives expressed concern over the
Turkish economy to Ambassador Jeffrey and CG Wiener in a July
9 meeting. While the situation has improved since earlier
this year and Turkey is relatively better-positioned than its
peers, consumer confidence remains low and must rebound for
the economy to grow again. Continued failure to sign an IMF
agreement is a concern as it leaves Turkey vulnerable to a
change in market conditions, according to Koc executives.
The Koc representatives doubted that the AKP can hold its
parliamentary majority in Turkey 2011's elections. Comment:
We believe recent economic data support the Koc executives'
economic assessments. End summary.
¶2. (SBU) Ambassador Jeffrey and Consul General Wiener
attended a lunch at the Istanbul headquarters of Koc Holding,
Turkey's largest industrial conglomerate, on July 9 with
Honorary Chairman Rahmi Koc, Chairman Mustafa Koc,
Vice-Chairman Temel Atay, CEO Bulent Bulgurlu, and Deputy
(and incoming) CEO Osman Durak. The Ambassador and CG were
accompanied by FCS branch chief Greg Taevs and Treasury TDYer
Jason Weiss.
Too early for optimism
----------------------
¶3. (SBU) Koc CEO Bulent Bulgurlu noted that while the
Turkish economy is performing relatively better than earlier
this year, the recession has not yet reached its bottom and
it is too early for optimism. Mustafa Koc described Turkey's
primary challenge as restoring consumer confidence. People
in Turkey have money, he suggested, noting that a recent tax
cut on autos and consumer durables has spurred an uptick in
consumption in these sectors. He said he hopes Turks will
now start spending more. Bulgurlu noted that consumer
confidence has improved in the past two months, although he
agreed it remains low.
But well-positioned for recovery
--------------------------------
¶4. (SBU) Bulgurlu does believe, however, that Turkey is
better-positioned for 2010 than the rest of Europe. The
primary difference is Turkey's banking sector, which he
described as very sound and strong. Bulgurlu believes the
banking sector will help Turkey to overcome potential further
global stress, and leaves Turkey in a relatively better
position than other economies whose banking sectors are not
as healthy. He added that Koc's exports are doing better
than six months ago and that Koc is working to diversify its
markets away from Europe and toward the Middle East and Asia,
where there is still positive growth. Bulgurlu and others
approved of the Turkish government's March tax cuts, which
they see as having helped the private sector and prevented
further unemployment, but which came later than they should
have.
Turkey needs an IMF program
----------------
¶5. (SBU) Mustafa Koc expressed concern over Turkey's
continuing lack of an IMF program. He said that last year's
budget, the first implemented without the IMF since the end
of Turkey's 2002-08 program, was a "disaster," and that a new
program would help Turkey a great deal with its current
difficult fiscal situation. He sees the government as
"caught between the deep sea and the devil," as on one hand
it needs an IMF program but, on the other, an IMF program
would prevent it from implementing populist policies ahead of
the 2011 parliamentary elections. As such, he sees the main
sticking points in negotiations as political, not technical.
¶6. (SBU) Bulgurlu noted that recent low oil prices and a
stable exchange rate have helped Turkey navigate the crisis.
As a result, the government believes that it can handle the
downturn, but this will depend on continued friendly oil
prices and exchange rates. A downturn in either would pose
further challenges for Turkey. As such, now is the time to
agree to an IMF program, he argues. Bulgurlu hopes that the
government realizes this and proceeds. Without an IMF
program, it will be very difficult for the Turkish private
sector to roll over the $20 billion in loans it has coming
due over the remainder of 2009. Ambassador Jeffrey noted
ISTANBUL 00000269 002 OF 002
that Turkey has benefited from EU and IMF relations in the
past (for instance, its customs union and bank restructuring)
and that certain measures under these institutions, even if
politically unpopular, are beneficial to Turkey.
Electoral implications of economic crisis
---------------------------------------
¶7. (SBU) Mustafa Koc assessed that the AKP will fare worse
in 2011 parliamentary elections than it did in 2009 local
elections, and may even lose its majority, in part because of
its mixed handling of the economic crisis. He said he would
not be surprised if a coalition government - either AKP-MHP
or CHP-MHP - resulted. While a coalition would not be the
best outcome, he believes that it is necessary for the sake
of democracy. Comment: Mustafa Koc is a vocal opponent of
the current ruling party and he tends to be more negative
than many observers regarding the AKP. His comments on the
AKP's political future should be taken in this context. End
Comment.
Comment
-------
¶8. (SBU) Recent data on Turkey's May industrial production,
capacity utilization, and exports support Bulgurlu's comments
on the Turkish economy. The pace of economic contraction is
decelerating, but activity is still very low, unemployment
remains high, and banks have only marginally resumed lending
(and only to consumers, not to other firms), a sign of
continued weak confidence. Turkey's healthy banking sector
positions it for a stronger recovery than its European peers.
However, failure to reach agreement on an IMF program would
likely result in higher government borrowing and could crowd
out the private sector, complicating recovery. The
uncertainty caused by the lack of an IMF agreement despite
nine months of GOT suggestions of an imminent deal probably
also is a significant drag on business, banking, and consumer
confidence.
WIENER