20/11/2012
Dora Bakoyannis gave a lecture titled “The International Crisis as an Opportunity” at Sabancı University. Bakoyannis spoke on the global economic crisis, the roles of Europe, United States and China on economic balances and Turkish-Greek relations, warning Turkey to be very cautious to avoid the impact of the global crisis.
Former Minister of Foreign Affairs of Greece and former Mayor of Athens Dora Bakoyannis gave a lecture at Sabancı University on Friday, November 16, 2012.
Invited by Akbank CEO and Managing Director Suzan Sabancı Dinçer, Bakoyannis lectured on “The International Crisis as an Opportunity.” The lecture was hosted by Sabancı University Board of Trustees Member Suzan Sabancı Dinçer and President Professor Nihat Berker.
“The crisis in Europe is structural and contagious”
Dora Bakoyannis discussed the consequences of the failure to turn crisis into opportunity in the aftermath of the 2008 downfall, and the impact of the slowing of the growth rate in Europe and China on the global economy. Bakoyannis mentioned that the US still struggled to pay its debts and that Europe was in the epicenter of the worst and most widespread crisis in history.
Bakoyannis said that the European crisis emanated from the debt crisis in Greece, explaining that the situation was structural and contagious, as evidenced by the repercussions in Greece, Italy, Spain and Portugal, the European south, as well as Ireland, Slovenia and Belgium. Speaking on the psychological impact of the crisis on the European Union, Dora Bakoyannis mentioned the friction and tension between the north and the south.
“Turkey must be very cautious”
Placing Europe at the epicenter of the global economic crisis, Bakoyannis argued that there were some hopeful signals: “We are also receiving positive signals. The BRIC and Turkish cases are promising examples; however, the current dynamics of the situation is not all roses, being fragile at its core.” Dora Bakoyannis said that the BRIC countries also suffered from the global crisis and reminded the words of Sabancı University International Board of Overseers Member Kemal Derviş for Turkey to be very cautious not to follow in the footsteps of other countries with very large debts.
Bakoyannis emphasized the importance of Europe as the balancer of the global economic system to confront the debt crisis. She continued, “We need to cast a new role to China with its steady growth, a role that will place the nation as a counterbalance to the global economy under new economic principles. The achievements that made the Turkish and BRIC economies sustainable have great weight in achieving balance across the global economy.”
Dora Bakoyannis argued that the boundaries of the EU and the Eurozone had to be reviewed and the management of the global economy had to be restructured to turn the crisis into an opportunity.
Bakoyannis on Turkish-Greek relations
Discussing Turkish-Greek relations, Bakoyannis said that Greece was in full support of Turkey’s accession to the EU. Arguing against the perception of the EU as a “Christian Club,” Bakoyannis said, “EU is a club centered around values, which makes it different from other unions.” She continued that the dynamic social structure and strong economy in Turkey were assets for the European Union.
“Greece needs more investment and jobs”
Bakoyannis explained the impact of the Greek crisis on everyday life, expressing her dismay that the young generation was emigrating due to employment. Commenting on the recommendations of international financial institutions for Greece, Dora Bakoyannis said that while the income level could not be reduced any further, the country needed more investment and jobs.
Dora Bakoyannis concluded by saying, “The global crisis is far from over. There are very few signals that could help to transform the crisis into opportunity. The crisis is becoming exaggerated due to the debt crisis in Europe, expanding to the United States, China and the rest of the world. BRIC countries and some other nations have so far considered the crisis fictitious. Turkey must be very cautious to avoid the global downfall.”
