Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 03ANKARA1692, TURKEY'S ECONOMY MARCH 18: MARKETS TURN AROUND ON

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.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

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. #03ANKARA1692.
Reference ID Created Released Classification Origin
03ANKARA1692 2003-03-18 11:53 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Ankara
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS SECTION 01 OF 02 ANKARA 001692 
 
SIPDIS 
 
 
SENSITIVE 
 
 
STATE FOR E, P, EUR/SE AND EB 
TREASURY FOR U/S TAYLOR AND OASIA - MILLS 
NSC FOR QUANRUD AND BRYZA 
 
 
E.O. 12958: N/A 
TAGS: ECON PREL TU
SUBJECT: TURKEY'S ECONOMY MARCH 18:  MARKETS TURN AROUND ON 
RENEWED HOPES FOR U.S. PACKAGE 
 
Sensitive but unclassified, and not for internet 
distribution. 
 
 
Markets Rebound on "Good News" from Washington 
--------------------------------------------- - 
 
 
1.  (U) The Turkish Treasury raised TL 3.4 quadrillion (about 
$ 2 billion) in two lira-denominated debt instrument auctions 
on March 18, as Turkish markets rebounded on overnight "good 
news" regarding the U.S. financial package (see para 3 
below).  The auction results announced 1:30 pm local time 
were: 
 
 
Debt instrument   Yield   Amt Raised 
---------------   ------  ---------- 
One-year bond    60.0 pct  TL 2.6 quad 
4.5 month bill   55.5 pct  TL 0.8 quad 
(yields are in annually compounded terms) 
2.  (U)  In secondary markets, T-bill rates likewise came 
down to 60 percent compounded, the level of Friday's close. 
The lira returned to TL 1,648,000 (Friday's close, prior to 
yesterday's five percent depreciation) and the Istanbul Stock 
Exchange rebounded 10 percent in morning trading, erasing 
nearly all of yesterday's losses.  JP Morgan/Chase Treasurer 
told us yesterday's spikes were "over for now, based on the 
good news of the U.S financial package." 
 
 
Press Statements Behind 
Positive Market Sentiment 
------------------------- 
 
 
3.  (U) Turkish print and TV media reports of the Secretary's 
March 17 telephone call with Deputy PM and FM Gul interpreted 
Powell as giving Turkey 72 hours starting from March 17 
evening to pass a parliamentary resolution for U.S. troop 
deployments.  According to these reports, if Turkey passes a 
second troop resolution within 72 hours, then the U.S. will 
seek the full economic package from Congress (Note: a variant 
of the interpretation, published in the daily Milliyet, says 
a resolution covering only air overflight  clearances would 
result in a smaller financial package.) 
--  According to March 18 edition of Hurriyet, the largest 
circulation Turkish daily, "Ankara moved after the USA and 
Great Britain's message that 'you have 72 hours to pass the 
parliamentary resolution.'  After the Powell phone call, a 
war summit was called at the Cankaya (presidential) 
palace....British Ambassador Westacott later gave the PM a 
message from PM Blair that 'if you pass the resolution in 72 
hours, it will be good.'" (Hurriyet and the daily Milliyet 
also separately reported that Powell told Gul of a 72 hour 
deadline for IRAQ, but the "72-hour message to Turkey" was 
what caught the markets' attention.) 
 
 
--  Turkish market analysts headlined this "message" in their 
morning March 18 reports.  For example, Bender Securities, 
the top stock brokerage house for foreign investors, wrote 
March 18:  "The U.S. gave Turkey a 72-hour deadline yesterday 
to pass a second troop motion.   According to Powell, all 
agreements would be kept intact, including the $6 billion 
loan package, if Turkey were to give approval." 
 
 
--  Following the late March 17 summit meeting at the 
Presidential palace (which included PM Erdogan, FM Gul and 
CHOD Ozkok), Presidential spokesman Tacan Ildem gave a press 
statement that alluded to the possibility of a second 
parliamentary resolution:  "A full consensus was reached that 
the government should take all measures to protect national 
interests of Turkey against all these  developments, and take 
steps immediately in line with its assessments under the 
recommendation of the National Security Council meeting of 
January 31."  (Comment: Market participants such as JP 
Morgan/Chase Treasurer Gumisdis relied on this statement, 
telling us that statements from the President and military 
carry more credibility than those from AKP sources.) 
 
 
4.  (U) State Minister Babacan gave two telephone interviews 
to Turkish TV news stations, reported at mid-morning March 
18, that confirmed to market participants that the full U.S. 
financial package was on the table.  Babacan said: 
 
 
--  "The previous financial agreements with the U.S. are 
still valid.  The details of these agreements have been 
announced previously." 
--  "We agreed with the U.S. that the bridge loan will be 
released once President Bush goes to the Congress." 
--  "The pre-conditions for the U.S. 8.5 billion bridge loan 
are the inclusion of a 6.5 percent primary surplus target in 
the budget, and signing of the Letter of Intent with the 
IMF." 
 
 
5.  (U) Reuters, both Turkish and English-language, carried a 
statement from U.S. Treasury spokesman Tony Fratto that some 
read as confirming the Turkish interpretation of a full U.S. 
package on the table.  Per Reuters, Fratto said:  "No doors 
have been closed, but the President and the Secretary have 
made clear that we're proceeding." 
 
 
Status of IMF LOI:  "No Sense of Urgency" 
------------------------------------------ 
 
 
6. (SBU) On March 18 am, IMF resrep told us, after he spoke 
with Treasury U/S Oztrak, that he "sensed no urgency in the 
GOT to complete the LOI."  He listed three substantive 
issues, bracketed by the Turks, that must be resolved before 
the LOI can be signed: 
 
 
--  Transfer of supervision of non-bank financial 
institutions from Treasury to the Banking Regulatory and 
Supervision Agency, set in the LOI for July (last bullet of 
para 31 in LOI).  Treasury is challenging this transfer for 
its own bureaucratic reasons. 
 
 
--  Halting the existing investigations (by Prime Ministry 
and other GOT inspection agencies) into the BRSA's 
intervention of Pamukbank (last bullet of para 27). The GOT 
doesn't want these "sensitive" investigations included in the 
LOI, but the IMF insists that they be halted before the LOI 
can be signed.  The compromise, per IMF resrep, is for the 
GOT to obviate the need to include this informal prior action 
in the LOI by halting the investigations now. 
 
 
-- On the GOT's existing anti-corruption plan, the new 
government must assign some agency to follow-up on the 
earlier recommendations (para 44).  The AKP governments have 
not yet decided whether to adopt the pre-exisitng 
anti-corruption plan, and thus haven't not made the decision 
to follow the plan's recommendations. 
 
 
--  Resrep noted a fourth "technical housekeeping" issue 
which is still not completed:  setting the intermediate 
fiscal targets for 2003 (e.g., bi-monthly primary surplus 
targets to reach the year-end 6.5 percent of GNP.)  The 
monetary aggregates have been agreed, he noted. 
 
 
7. (SBU) IMF resrep said in theory the GOT could wrap up 
these remaining issues under the LOI this week, but he 
reiterated that he sees no sense of urgency in the GOT from 
his talks with Oztrak. 
 
 
8. (SBU) Once they sign the LOI, the Turks must complete four 
prior actions before the IMF staff can take the Fourth Review 
to its board. The four priors are:  full parliamentary 
passage of the budget; passage through parliamentary 
committee of the direct tax reform bill; adoption of the 
TEKEL privatization plan by the High Privatization Council; 
and adoption of regulatory measures to address redundant 
positions in the state economic enterprises. 
PEARSON