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 07ANKARA1877, Turkish Markets Embrace AKP Victory

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. #07ANKARA1877.
Reference ID Created Released Classification Origin
07ANKARA1877 2007-07-23 11:19 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Ankara
VZCZCXRO9715
OO RUEHDA
DE RUEHAK #1877/01 2041119
ZNR UUUUU ZZH
O 231119Z JUL 07
FM AMEMBASSY ANKARA
TO RUEHC/SECSTATE WASHDC IMMEDIATE 3091
INFO RUEATRS/DEPT OF TREASURY WASHDC IMMEDIATE
RUEHIT/AMCONSUL ISTANBUL 3052
RUEHDA/AMCONSUL ADANA 2160
RUEHBS/USEU BRUSSELS
UNCLAS SECTION 01 OF 02 ANKARA 001877 
 
SIPDIS 
 
TREASURY FOR INTERNATIONAL AFFAIRS - JROSE 
 
SENSITIVE 
SIPDIS 
 
REF: ANKARA 1875; ANKARA 1864 
 
E.O. 12958: N/A 
TAGS: EFIN PGOV TU
SUBJECT: Turkish Markets Embrace AKP Victory 
 
 
1. (SBU) Summary: Turkish Financial Markets soared in reaction to 
the AKP's strong -- but not too strong -- performance in 
parliamentary elections.  The result, allowing AKP to form a 
single-party government with a comfortable majority sets the stage 
for continued orthodox, investor-friendly economic policies and 
structural reforms. Reactions from analysts and business leaders was 
uniformly positive.  End Summary. 
 
------------------------------------ 
Market-Friendly Election Result. . . 
------------------------------------ 
 
2. (SBU) Markets had been rallying in recent weeks (ref b) buoyed by 
both global market bullishness and increasing confidence about the 
election.  With pre-election polls showing AK at 35-40% of the vote 
markets were betting on a "goldilocks" scenario: AK getting enough 
votes to form a single-party government but not enough to get the 
367 votes required to choose the next president.  Markets feared the 
latter scenario raised the potential of a clash with the secularist 
establishment. 
 
3. (SBU) In the event, the results could hardly have been more 
market-friendly: AK's surprisingly large vote total and comfortable 
majority will be strong enough to allow them to confidently continue 
their pro-EU, pro-investor, mostly fiscally disciplined policies, 
but well below the magic 367-seat number.  A side benefit was the 
relative weakness of opposition parties with their more 
market-unfriendly economic platforms, particularly the shamelessly 
populist Youth Party's disastrous 3% vote total. 
 
------------------------------- 
... Prompts Strong Market Rally 
------------------------------- 
 
4. (SBU) Not surprisingly, the lira took off in night trading in 
Asia, moving up 1.7%.  At the Istanbul opening, markets shot up 
across the board: in the morning session the lira rallied from 
Friday's close of 1.2666 against the dollar and 1.7473 against the 
Euro to 1.2580 against the dollar and 1.7370     against the euro. 
The Istanbul stock exchange rallied 2.81% from Friday's near-record 
close of 52,935.75 to reach 54,424.65 and the benchmark Government 
bond yielded 17.24%, down from 17.42% Friday. 
 
----------------------------------------- 
As Analysts and Business Leaders Enthused 
----------------------------------------- 
 
5. (SBU) Though personally overwhelmingly secularist, both the 
analyst community and prominent business leaders enthused about the 
results.  One analyst referred to the result as a "best case." 
Another titled his electronic newsletter as "apple pie with whipped 
cream topping."  He said AKP's policies are well known to investors: 
after all, this is a Prime Minister who sold a state company to a 
Russian-Armenian investor ten days before the election.  Analysts 
flagged the continuing risks associated with the upcoming 
presidential election but were encouraged by the conciliatory tone 
of Prime Minister Erdogan's remarks.  Analysts said they expect the 
Government to get back to pursuing EU reforms, returning to its 
(pre-campaign) fiscal discipline, and even pushing for structural 
reforms like privatization, social security and labor market 
reforms. 
 
6. (SBU) Likewise, the reaction from business community leaders were 
uniformly positive. Guler Sabanci, the CEO of the giant Sabanci 
group, Dogus Group Chairman and U.S.-Turkish Business Council Chair 
Ferit Sahenk, Istanbul Chamber of Commerce Chair Yalcintas, and 
Exporters' Union President Satici all made public statements 
commenting favorably on the elections. 
 
------------------------- 
Too Much of a Good Thing? 
------------------------- 
 
7. (SBU) Aside from some the potential spillover from continued 
political risks (presidential election, cross-border operation, 
Armenian Genocide resolution, etc.), the market bullishness itself 
may be Turkey's biggest economic policy headache going forward.  The 
lira was already widely considered to be overvalued. A continued 
appreciation, while it will help the central bank's disinflation 
efforts, could aggravate Turkey's large current account deficit by 
sucking in relatively cheap imports and hurting export 
competitiveness. Central Bank officials have told us they would 
prefer this problem to its opposite (a weak and falling currency) 
but it is a problem nonetheless. 
 
 
ANKARA 00001877  002 OF 002 
 
 
Wilson