Greece could soon go bankrupt due to the crushing interest payments it is being forced to pay as part of an international restructuring plan, daily Hurriyet website reports today quoting Turkish President Abdullah Gul. The President stated this to a group of Istanbul minibus drivers during an impromptu conversation Wednesday. ”As you know, we are going to European countries frequently. They really envy Turkey,” said the President. ”Greece is about to go bankrupt. If someone’s ability to pay is weak, they demand high interest. If the ability to pay is high, the interest demanded is low.”
Responding to a driver’s question at the Tarabya minibus stop after attending a funeral on Wednesday, Gul said the current stability in Turkey was, ”of key importance.” Greek 10-year government bonds were yielding above 16.6% at 2:20 p.m.
Thursday, compared to just above 3% for similar maturity German bonds. Germany is also concerned that qualified Turkish-Germans ”are returning to Turkey” these days, Gul said, according to media reports.
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