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BORROWING AND THE ‘DIABOLICAL’ SIDE… · penna!

• 0:00
  SPEAKER_00: On October 27, 2026, the Ministry of Finance of the TRNC borrowed billions of TL and millions in foreign currency through five separate borrowing operations.
• 0:12
  SPEAKER_00: The borrowing operations at the beginning and end of October are as follows.
• 0:17
  SPEAKER_00: On October 9, 2026, 7,255,000,000,000 liras were borrowed.
• 0:24
  SPEAKER_00: In the second borrowing, which took place 18 days later on October 27, 2,320,000,000 Turkish liras were borrowed.
• 0:34
  SPEAKER_00: In other words, the Ministry of Finance borrowed a total of 9,575,000,000,000 Turkish liras in October.
• 0:43
  SPEAKER_00: The average annual interest rate on these borrowings is 38.69%.
• 0:49
  SPEAKER_00: The maturity date for the 7 billion, Turkish lira borrowing on October 9 is January 9, 2027.
• 0:56
  SPEAKER_00: The maturity date for the borrowing in Turkish lira on October 27 is February 19, 2027.
• 1:04
  SPEAKER_00: The borrowing in US dollars on October 9, 2026 amounted to$5 million.
• 1:11
  SPEAKER_00: On October 27, 2026, a further 25 million US dollars were borrowed via government bonds.
• 1:19
  SPEAKER_00: The interest rate on the borrowing via Treasury bills was 4.25%.
• 1:24
  SPEAKER_00: The interest rate on the borrowing via government bonds was 5.30%.
• 1:30
  SPEAKER_00: Furthermore, on October 27,€6.1 million and 6.85 million British pounds were borrowed.
• 1:38
  SPEAKER_00: Thus, the total borrowing in British pounds in October amounted to€10,350,000.
• 1:46
  SPEAKER_00: Borrowing in US dollars totaled$30 million.
• 1:50
  SPEAKER_00: The interest rate on the Euro borrowing via Treasury bills was 3.69%.
• 1:56
  SPEAKER_00: The interest rate on the British pound Treasury bills was 4.66%.
• 2:01
  SPEAKER_00: The interest rate on the dollar denominated bond issue is 5.30%.
• 2:07
  SPEAKER_00: The maturities for the Euro and Sterling bonds are March 12.
• 2:11
  SPEAKER_00: The maturity for the dollar bond is November 1, 2027.
• 2:16
  SPEAKER_00: The Turkish lira maturities will fall due on February 19 and January 27, 2027.
• 2:24
  SPEAKER_00: Consequently, whoever comes to power after the 6th December elections will be unable to lift their head from debt repayments in 2027.
• 2:33
  SPEAKER_00: One cannot help but think of the saying, the donkey should be dragged by the one who killed it.
• 2:39
  SPEAKER_00: But this is a complete disaster brought about by those responsible.
• 2:44
  SPEAKER_00: Therefore, we must strive for change in the election.
• 2:48
  SPEAKER_00: In my view, these borrowings made in October may also have a diabolical purpose.
• 2:54
  SPEAKER_00: This could be to pay out the November salary at the end of November, followed by the 13th month bonus before the 6th December election, one after the other.
• 3:05
  SPEAKER_00: As for the December salary and beyond, you're on your own, I'm out of here.
• 3:10
  SPEAKER_00: Education, healthcare, agriculture, tourism, support for the economy?
• 3:15
  SPEAKER_00: Who cares?
• 3:17
  SPEAKER_00: We've been through this before.
• 3:19
  SPEAKER_00: Prior to the general elections held on May 6, 1990, the UBP government of the time, under the guise of switching to advance payments, had paid double salaries to public sector and public sector equivalent employees and pensioners as of March 31, 1990.
• 3:37
  SPEAKER_00: Are these borrowings a preparation for paying the November salary and the 13th month salary back to back ahead of the 9th December 2026 elections?
• 3:48
  SPEAKER_00: The election is again on the 6th.
• 3:51
  SPEAKER_00: Those who consider anything permissible for the sake of the election may well do so.
• 3:56
  SPEAKER_00: There is no reason not to believe that the government, which is shying away from explaining such a large scale of borrowing, has this in mind.
• 4:06
  SPEAKER_00: If that is not the case, why are these borrowings being made?
• 4:10
  SPEAKER_00: However, the undeniable reality is that the Treasury is in dire straits.
• 4:15
  SPEAKER_00: Consequently, change is essential.