Turkey Joins Talks

The process of Turkey’s negotiations to join the EU has officially started. From now until 2020 or whenever they become happy members of the club (by 2021 they will be unhappy members), we can expect more half truths and blatant propaganda to be broadcast from all ends of the spectrum. Take this for example:

Turkey is banking on the EU entry process to attract record foreign investment in the $300 billion economy. Optimism about membership has pushed stocks to a five-year high and brought the government's borrowing costs down to 15 percent from more than 70 percent four years ago.

The first sentence is true. The second? Well lets just say that if you ignore the other facts:

• It has been 4 ½ years since a major economic crisis
• The banking sector was subsequently cleaned right up.
• Turkish companies now export in a month what they could manage in a year a decade ago.
• Inflation has fallen from 70% to 8%
• The IMF has been running the economy for the last few years

Then yes, the stock market hit a 5 year high on the back of EU expectations. Call me picky, but ignoring the other factors does seem a little less than thorough. Or This:

General Electric Co., BNP Paribas and Royal Dutch Shell Plc this year agreed to buy stakes in Turkish companies on expectation that the EU embrace will boost profits.

Maybe, or again maybe not. With the exception of Shell, which bought an overpriced stake in a refining company, all the other major investments have been a case of "rapid growing economy and good value for money". In order to grow, Turkey needs access to the EU market. What it does not need is Socialist developed world regulations in a still poor and developing economy.