GERMANY has turned its back on Turkey refusing to offer financial support as Ankara attempts to navigate its way through a self-inflicted currency crisis, which has seen lira almost half in value over a the last year.
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| Angela Merkel has ruled out offering Turkey financial aid |
Senior European Union official Gunther Oettinger told Turkey it is not Germany’s job to assist Ankara with its financial woes as the Turkish lira crisis continues to grip the country.
Mr Oettinger, the EU’s budget commissioner, insisted it should be the International Monetary Fund coming to the aid of Turkey rather than Germany, Europe’s biggest economy.
The German EU chief’s response comes as Turkey continues to suffer a currency crisis, which has seen lira nosedive around 40 percent against the dollar this year.
Mr Oettinger said: “That is not Germany’s job, that is the job – if it’s the case – of the monetary fund, of the IMF.
“That is what it’s there for and I believe, above all, that the need for action lies in Ankara, not in Berlin and not in Brussels.”
German Chancellor Angela Merkel shares a similar view that Turkey doesn’t require any financial aid at the moment, according to CDU secretary general Annegret Kramp-Karrenbauer.
Ms Merkel made it clear “that she sees no need to thing about special German aid for Turkey at the time”, according to Ms Kramp-Karrenbauer, who was in attendance at a meeting of the CDU’s leadership.
This rules out the suggestions of Andrea Nahles, the leader of Germany’s Social Democrats, that Berlin could come to the assistance of Turkey.
She said: “A situation might arise where Germany needs to help Turkey, regardless of political tensions with President Recep Tayyip Erdogan.
“Turkey is our Nato partner. It is within our own interest to have an economically stable Turkey without monetary turbulence.”
Former foreign minister Sigmar Gabriel also came out in support for Ankara.
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| EU budget commissioner Gunther Oettinger said the International Monetary Fund should help Turkey |
He said: “We have to do everything that it takes to keep Turkey a part of the West,” adding nationalist powers could “reach for the nuclear bomb, to make Turkey untouchable”.
Steffen Seibert, the German government’s official spokesman, said Berlin is not considering a proposal to come to Turkey’s aid.
Olaf Boehnke, senior advisor at Rasmussen Global, believes it is unlikely financial aid will be heading from Germany to Turkey soon.
He said: "Financial assistance could be on the cards but I don't see the chance of this happening as very likely.
"Most of all because Erdogan and his government are so reluctant to accept any foreign support because there's an issue of pride for them.
"But if there would be scenario where they would actually need this kind of assistance, I think Germany would give assistance, definitely."
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