Turkey's largest business network condemns coup attempt

ANKARA

There is no way other than democracy for Turkey, the head of the country's largest business confederation, Rifat Hisarciklioglu said Tuesday, condemning the failed coup attempt last week.

The Union of Chambers and Commodity Exchanges of Turkey, which includes all local chambers of commerce, industry and shipping as well as all the commodity exchanges released a statement to denounce the unsuccessful coup attempt and to show clear support for the democratically elected government.

During the announcement of the statement signed by 365 chambers and bourses in 81 provinces of Turkey, Hisarciklioglu said the business community in Turkey expected that those who took part in the coup be found and judged properly.

“We don't favor any management of which the power does not come from democratic elections and the authority from the nation. Also we don’t see a choice for our country other than democracy.” Hisarciklioglu said.

Regarding the possible rate cut from Moody’s following a statement from the credit rating agency that implied there could be a downgrade after the foiled coup attempt, Hisarciklioglu recalled that Turkey had a habit of surprising the agencies with better-than-forecasted economic data.

“Those institutes almost every time have been mistaken regarding the resilience of the private sector, the government’s economic structure and the strength of its fiscal accounts ” Hisarciklioglu said.

Hisarciklioglu said that the Turkish democracy had passed a great test in July 15-16 July.

“Actually I believe this agreement on democratic values will have a very positive effect on Turkeys economy and institutions that attempt to assess Turkey's economy will be mistaken,” he added.

The credit rating agency Moody's announced Tuesday that it would review Turkey’s credit rating to possibly downgrade it one notch due to the potential effects of the recent coup attempt.