TURKEY: Sensational Offer

Last week Soviet Russia made a sensational new move in the cold war. It offered to finance free enterprise in Turkey, bypassing the government.

The No. 1 representative of private enterprise in Turkey is Uzeyr Avunduk, who is president of the Union of Chambers of Commerce and also head of the Is Bankasi (Business Bank), which finances much of Turkish business. The Turkish economy has been deep in trouble because too many businesses expanded beyond their capital resources. Some new factories ran out of capital before completion. Many businesses cannot get foreign exchange to buy spare parts or raw materials.


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