US Offers Turkey up to US$ 15bn in Swap for War Support

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Last updated at: (Beijing Time) Saturday, January 04, 2003

US Offers Turkey up to US$ 15bn in Swap for War Support

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The United States is offering Turkey 4 billion to 15 billion dollars in swap for Ankara's support for a US-led war on neighboring Iraq, according to Friday's issue of the Turkish daily Hurriyet (freedom).

US Ambassador to Turkey Robert Pearson made the offer on Thursday when he was meeting with the chief of Turkey's business heavyweight, the Turkish Union of Chambers and Bourses (TOBB).

Pearson told TOBB Chairman Rifat Hisarciklioglu that a portion of the package would be provided in loans, which would increase the credibility of Turkey, and the remaining portion would take the form of financial aid funds.

He said Washington had waited for Ankara to raise conditions for a positive answer to join the US operation against Iraqi President Saddam Hussein.

The TOBB estimates Turkey's loss at 70 billion dollars in case of the anticipated war, while the government told the Bush administration that a possible operation against Iraq would cost Turkey 28 billion dollars in the short term.

Bargainings over losses have continued between Ankara and Washington all the time.

Hisarciklioglu told Pearson, "Our loss will be around 15-25 billion US dollars in short term, 55 billion in the medium term and70 billion US dollars in 10 years."

Pearson disputed the saying, arguing that they had carried out searches in London, New York and Istanbul stock exchanges with a conclusion that Turkey's loss would be around 4 billion and 15 billion dollars.

Addressing a press conference after the meeting, Pearson described the trade level between the two countries as low and promised to write a letter to US textile companies to boost volumes of trade with Turkey.

Senior US Treasury and State Department officials visited Ankaralast week to discuss measures to make the Turkish economy to withstand negative impacts of a war on Iraq.

US Chairman of the Joint Chiefs of Staff Richard Myers is also set to visit Ankara in mid-January.

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