Kibkom North Cyprus Forum

Scary times for the TRNC. What would happen if the economy would collapse? What are the first signs to look out for I wonder. Sorry to raise this miserable question.

kayc wrote:Scary times for the TRNC. What would happen if the economy would collapse? What are the first signs to look out for I wonder. Sorry to raise this miserable question.

1st signs, rats deserting the ship having transferred their wealth out of the TRNC.

1st sign; undercapitalized banks shutting their doors as happened in 1999.

Just had a quick glance at the weekly Doom and Gloom and if I read it correct, banks and money exchanges did in fact shut up for a short while this week. I don't know which day though.

sophie wrote:Just had a quick glance at the weekly Doom and Gloom and if I read it correct, banks and money exchanges did in fact shut up for a short while this week. I don't know which day though.

I’m guessing yesterday. I guess on a day when the lire is so volatile I wouldn’t blame a small money exchange. Went to my local who is only giving 7.7 against the sterling which seems a little low. Forgot to ask the the other rate but I’d imagine the spread is quite large at the moment

In Turkey on Friday all the exchange shops and gold shops were closed.

Kayc
The way I see it and in practice sign of economic collapse will result in businesses not buying imported goods because of the price it would cost to buy them. The result of that is products are not replaced therefore causing shortages.
Banks not issuing money, Banks closed when they should be open to avoid a Run On The Banks.
For example of junk economy’s look to the history of South American countries.
The workforce are struggling because their wages are not keeping up with the inflation of the country they are living in.
Tension rises and a downward spiral continues.
This isn’t me being morbid it’s just reality has history has shown.
It was reported yesterday that Turkey could end up going to the IMF asking for a bail out due to its debt.
So only time will tell,
The thing is Countries that are wealthy their leadership take advise from other people particularly ones who know what they are on about.
But some leaders just want to do it their own way.

We can only view this situation with increasing despair.

Why cannot voters take account of history, recent history at that, before casting their votes for Dictators?

To satisfy his own stupid ego Erdogan has to pick a public fight with America, which he knows that he cannot win, in order that he can blame them for conspiracy in the Coup attempt and his present plan to jump into bed with Russia, Iran & China could well result in weakening Nato following a Turkish withdrawal, how Putin would love that!
Further none of those countries have any or little regard for human rights, does Erdogan have any critics remaining who have not been jailed? To think just a couple of years ago Turkey were applying to become an EU member state when along came Erdogan who had no intention of continuing the membership application.

We are told that Turkey has huge gold & dollar reserves so the country may not quite become a Zimbabwe but ,like Mugabe, Erdogan seems quite content to allow his people bear the pain.

Difficult times ahead which will not have an early solution and TRNC shall have no voice.

tt.

To be honest the economy was one of the reasons we left TRNC

We moved to Gozo as it is in Europe and we now have NHS health care and can work legally plus we now have European residency which maybe be helpful after brexit

tingtang wrote:
We are told that Turkey has huge gold & dollar reserves

I don't think they were ever huge and the word had might be more appropriate. I think if he had huge reserves then he wouldn't be asking people to look under their pillows for dollars and gold.

Maybe he should replace his son in law with a cousin?