Erdoğan: Economy Can Absorb Fund Shock; Interim Payments of Up to 1M Lira Planned

Speaking in Şanlıurfa on Oct 3, Erdoğan said the Turkish economy has the capacity to overcome the fund crisis. SPK approved on Sept 30 interim payments of up to 1 million lira per eligible investor for funds run by Tera, Pusula, Atlas and Hedef; the Fund Coordination Board met Oct 2, and liquidation begins with money market funds. MHP's Bahçeli blamed weak oversight in how fund rules were executed.