09:12 GMT +318 October 2018
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    Turkish Prime Minister Recep Tayyip Erdogan, left, and former Central Bank Governor Erdem Basci show the symbol for the national currency, the Turkish lira, in Ankara, Turkey.

    EU Commission Sees No Need in Providing Turkey With Financial Aid – Commissioner

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    MOSCOW (Sputnik) – The European Commission believes that there is no need to provide Turkey with financial assistance as Ankara is capable of settling its internal problems itself, European Commissioner for Neighborhood Policy and Enlargement Negotiations Johannes Hahn stated.

    "The current economic problems of Turkey are primarily caused by internal political reasons. The situation will not improve if the European Union or some of its member states provide Ankara with aid packages or loans. I just see no need for us to meddle in this process," Hahn told the Welt newspaper.

    The commissioner pointed out that the improvement of monetary policy, creation of an independent issuing bank, as well as respect for the democratic principles, would help to overcome difficulties the Turkish economy faces.

    READ MORE: Erdogan: Turkey Will Keep Importing Iran's Natural Gas Despite US Sanctions

    According to Hahn, Western companies will boost their investments in Turkey if confidence in the country’s policy is restored.

    Since the beginning of the year, Turkey's lira dropped in price by over 40 percent. The economic situation further worsened in August, when US President Donald Trump authorized the doubling of previously imposed import tariffs on Turkish aluminum and steel to 20 percent and 50 percent, respectively.

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    investments, loans, policy, European Commission, Turkey
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