Posted by meb at September 23rd, 2008

Turkish banks are starting to feel the effects of a tightening global credit market and will find it difficult to get long-term credit from abroad, the chief executive of Is Bank said on Tuesday.

“Liquidity is tightening. It will be nearly impossible for the Turkish banking sector to find long term credit from abroad,” Chief Executive Ersin Ozince told CNBC-e in an interview.

Ozince said the ongoing crisis was the biggest he faced until now, and it was not easy to forecast when it would come to an end.

“What is more, it does not appear that it will end easily with the crisis of confidence also being taken into consideration.”

“All countries should ask themselves whether they are affected by this crisis or not and should locate and rid themselves of its impacts if they are affected. The rating agencies should also confirm this in order to reestablish confidence in the markets,” Ozince also said when asked how the impact of the crisis could be overcome.
source: Hurriyet daily