Eurozone debt crisis ‘ticking time bomb’ at Turkey’s door – economistNovember 28, 2011 - 13:01 AMT PanARMENIAN.Net - The eurozone debt crisis has turned the European economy into “a ticking time bomb” that lies at Turkey’s door, according to Daren Acemoğlu, a Massachusetts Institute of Technology professor of Armenian descent who is ranked among the world’s top economists. “The Turkish economy is closely connected to the European economy. Thus, it is open to all possible shocks,” Acemoğlu told Hurriyet Daily News. “Turkey aims to slow down credit expansion while keeping interest rates too low. This is not the right thing to do,” he said, adding that Turkey has similarities with the pre-crisis period of U.S. and European economies. “Nearly 60 percent of Turkey’s exports are to the European market,” he said. “A possible slowdown in the eurozone could create problems regarding the financing of the current account deficit.” Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Power of One Dram to benefit Road of Life, Strong Mind IDBank and Idram summarize the results of the May program of “The Power of One Dram”. Yerevan State University, Ucom sign Memorandum of Cooperation Rector of Yerevan State University Hovhannes Hovhannisyan and General Director of Ucom Ralph Yirikian signed the memorandum. EU to provide budgetary support to Armenia The agreement is aimed at increasing the competitiveness of the educational system of Armenia. Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. |