Investment won’t come in the absence of rule of law, academics say

Since the handover of the Islamic lender Bank Asya by the Banking Regulation and Supervision Agency (BDDK) to the Savings Deposit Insurance Fund (TMSF) last Friday, reactions have continued to pour in.
US-based academics have warned that the political intervention into the bank will result in economic consequences. and”In a country where the rule of law has not arrived or is not being ensured, investors will not make long-term investments,and” said Quinnipiac Universityand’s Dr. Osman Kiliandc, speaking to Todayand’s Zaman.
and”We are living in a period that is characterized by a lack of justice and respect for ownership,and” Dr. GandOkhan Karahan of the University of Alaska Anchorage told Todayand’s Zaman.
Turkey was already passing through a dark period however, the recent decision regarding Bank Asya shows that the country faces a major risk of entering an even darker era. and”Turkeyand’s economy has nearly come to a halt in the past two years. The countryand’s greatest need is foreign investors. As major companies have done recently, investors may quickly exit from Turkey,and” said Kiliandc, warning that the Bank Asya decision will have a direct and negative impact on foreign investment.
and”The decrease of trust in banks may give rise to a period of economic chaos with no end in sight,and” added Kiliandc, comparing Turkey to Argentina during a troubled period in the 2000s. and”Playing games with the banking system, which is the most important part of a capitalist system, could give rise to a very problematic atmosphere of economic insecurity,and” Kiliandc said.
and”The leaders of this country are diminishing the capacity of those who see a better future for Turkey,and” said Karahan. and”I am not referring to these people as the andlsquooppositionand’ because to think that only a couple opposition parties are able to understand the destruction that the ruling Justice and Development Party [AK Party] has brought to Turkey would be unfair to the 75 million people living here,and” Karahan said.

SOURCE: Today’s Zaman