Economic Criticism from Ali Babacan: $100 Billion Loss in the Stock Market

DEVA Party Chairman Ali Babacan, participating in a television program, emphasized that the Turkish economy is facing the danger of recession, stating that a value loss of over 100 billion dollars has occurred in the stock market due to fund fraud in capital markets and crisis management errors.

DEVA Party Chairman Ali Babacan, in his evaluations on the Leaders Special program broadcast on KRT TV, stated that the government has not taken the necessary steps against fund corruption and therefore losses are increasing day by day. Noting that as the stock market melts down, companies lose value and the labor of millions of people melts away before their eyes, Babacan recorded that the total value loss is over 100 billion dollars and this figure grows every passing week.

Babacan expressed that the most significant danger to the Turkish economy is recession, and that the wealth and investments of 7 million families have decreased. Claiming that President Erdoğan has a list of responsible individuals regarding the fund fraud, Babacan stated that this list must be disclosed. Reiterating his proposal to establish a Parliamentary Research Commission for auditing mechanisms to operate independently, Babacan explained the value loss in the stock market with concrete examples, drawing attention to company losses equivalent to the value of 50 years of hazelnut or 100 years of tea production.