Turkey’s largest business network condemns coup attempt

TOBB, which includes all local chambers of commerce, industry, shipping, and all the commodity exchanges, released a joint statement to denounce the unsuccessful coup attempt and express support for the democratic process.      

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

“We don’t favor any form of administration in which the power does not come from democratic elections and the authority does not come from the nation. We see no choice for our country other than democracy,” he added.      

Regarding the possible ratings cut from Moody’s, following a statement from the credit rating agency that implied there could be a downgrade after the foiled coup attempt, Hisarcıklıoğlu said 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,” he added.  
   
The TOBB head also stated that he believed Turkey’s democracy had passed a great test on July 15-16.    
  
“I believe this agreement on democratic values will have a very positive effect on Turkey’s economy and institutions,” Hisarcıklıoğlu said.