Cry more and who cares if you say you don't recognize them, the rest of the world DOES!!! Your downgrade was more than JUSTIFIED! When you grow an economy through government spending, built on foreign loans and get your people hooked on entitlements that you can't afford, your headed for a disaster!
It will be nice to see that downgrade go even lower!
It will be nice to see that downgrade go even lower!
Turkey angry at S&P for lowering rating outlook - Yahoo! News
S&P explained Wednesday several structural weaknesses continue to put pressure on Turkey.
"Its economy is fairly closed, with exports accounting for a small share of GDP (about 24 percent in 2011)," S&P said in a statement. It noted the current account deficit is large and highly dependent on short-term financing from outside Turkey.
As a result, Turkey is particularly vulnerable to sudden financial account outflows and refinancing risks, S&P warned.
Turkey forecasts GDP growth will slow to between 2 percent and 2.5 percent in 2012. The International Monetary Fund, meanwhile, has cautioned against rising inflation.
Turkey's statistics institute said Thursday that consumer prices rose 11.1 percent in the year to April, while producer prices grew 7.65 percent.