CHP spokesperson Oztrak explains  Erdogan’s disastrous economic legacy

As the six leaders of the Nation Alliance met behind closed doors for three hours to decide how to win the second round of the presidential race, CHP’s strategy to steal victory from Erdogan’s steely jaws is taking shape. It is more nationalist, based on instilling fear in the electorate rather than the message of hope and revival which dominated the first round. As part of the strategy, CHP intends to explain how poor economic conditions are and how they will get worse, if Erdogan’s reign continues.


The opening salvo came from former Treasury Undersecretary and current CHP spokesperson Mr.  Faik Oztrak:


CHP Spokesperson Faik Öztrak explained the dire conditions in the economy after the May 14 elections with graphics. Öztrak said that the CDS risk premium, which fell below 500 basis points before the election, approached 700 basis points again.

CHP Deputy Chairman and Spokesperson Faik Öztrak shared a series of posts on his social media account regarding the developments in the economy after the May 14 elections.


Expressing that the risk premium, which had fallen below 500 before the election, approached 700 basis points again, Öztrak said, “This is added as interest on each dollar of debt borrowed from abroad. Turkey now pays much more interest abroad compared to a week ago,” he said.



Stating that Turkey’s short-term external debt increased by 13 billion dollars in the first three months, Öztrak said, “It has exceeded 161 billion dollars. This is a record! The government is scraping the bottom of the barrel to raise funds for domestic spending.

Our foreign exchange reserves are running short, short-term external debt is increasing. The Central Bank is making arrangements that increase interest on consumer loans, so that citizens cannot withdraw cash or buy gold with their credit cards. But no matter what they try, our money continues to be stamp (a Turkish expression meaning banknotes are worthless,” he said.


Öztrak said, “In the first three months of this year; the number of unemployed increased by 719 thousand people compared to the previous 3 months. It reached 8 million 564 thousand people. This is more than the population of 96 countries in the world. Decide for Turkey’s future! Poverty is not destiny, unemployment is not destiny, If you say it should not continue like this, on May 28, at the ballot box, our votes go to Kemal Kilicdaroglu…”



Source:  Öztrak grafiklerle anlattı: Türkiye için karar ver



Follow our  English language YouTube videos  @ REAL TURKEY:

And content at Twitter: @AtillaEng

Facebook:  Real Turkey Channel:



Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.