{"id":969,"date":"2007-05-14T07:40:16","date_gmt":"2007-05-14T07:40:16","guid":{"rendered":"https:\/\/www.millicozum.com\/mc\/2007\/05\/14\/akpn-akrepl\/"},"modified":"2007-05-14T07:40:16","modified_gmt":"2007-05-14T07:40:16","slug":"akpnin-akrepligi","status":"publish","type":"post","link":"https:\/\/www.millicozum.com\/mc\/2007\/mayis-ozel-2007\/akpnin-akrepligi\/","title":{"rendered":"AKP&#8217;N\u0130N AKREPL\u0130\u011e\u0130"},"content":{"rendered":"<p>\u00a0  <\/p>\n<p> <strong>Her 100 liral\u0131k faizin 46 liras\u0131 reel faize \u00f6dendi<\/strong>  <\/p>\n<p> <strong>Faizle s\u00f6m\u00fcr\u00fcl\u00fcyoruz<\/strong>  <\/p>\n<p> Y\u00fcksek reel faiz y\u00fcz\u00fcnden, T\u00fcrk halk\u0131n\u0131n cebinden 12 y\u0131lda fazladan 63-87 milyar dolar \u00e7\u0131kt\u0131. 1995-2006 y\u0131llar\u0131n\u0131 kapsayan d\u00f6nemde toplam 303,1 milyar dolar faiz \u00f6dendi. Bu \u00f6demenin 126,4 milyar dolar\u0131n\u0131 faizin &quot;reel k\u0131sm\u0131&quot; meydana getirmekteydi.  <\/p>\n<p>  \u00a0  <\/p>\n<p> D\u00fcnyan\u0131n en y\u00fcksek reel faizini \u00f6demeye devam eden T\u00fcrkiye, 1994 krizini izleyen 12 y\u0131lda y\u0131ll\u0131k ortalama y\u00fczde 17,6 reel faiz yani hara\u00e7 vermi\u015fti.  <\/p>\n<p> 1995-2006 y\u0131llan aras\u0131nda toplam 303,1 milyar dolar olan Hazine&#39;nin yapt\u0131\u011f\u0131 i\u00e7 bor\u00e7 \u00f6demelerinin y\u00fczde 45&#39;ine yak\u0131n b\u00f6l\u00fcm\u00fcn\u00fc faizin &quot;reel k\u0131sm\u0131&quot; meydana getirdi. E\u011fer reel faiz y\u00fczde 5&#39;te kalsayd\u0131 T\u00fcrkiye 87 milyar, y\u00fczde 8 d\u00fczeyinde kalsayd\u0131 63 milyar dolar daha az faiz \u00f6deyecekti.  <\/p>\n<p> Ankara Ticaret Odas\u0131 (ATO) &quot;Reel Faiz, Reel Soygun&quot; ad\u0131yla haz\u0131rlad\u0131\u011f\u0131 raporun sonu\u00e7lar\u0131na ili\u015fkin yapt\u0131\u011f\u0131 yaz\u0131l\u0131 a\u00e7\u0131klamada, reel faizin T\u00fcrkiye ekonomisine do\u011frudan maliyetini g\u00f6zler \u00f6n\u00fcne serdi.  <\/p>\n<p> Raporda, T\u00fcrkiye&#39;nin 1995-2006 y\u0131llar\u0131n\u0131 kapsayan d\u00f6nemde y\u00fczde 6,1-37,9 aras\u0131nda de\u011fi\u015fen oranlarda reel faiz \u00f6dedi\u011fi, ger\u00e7ekle\u015fen reel faizin 2006 y\u0131l\u0131nda y\u00fczde 6,1&#39;e indikten sonra yeniden t\u0131rmanmaya ba\u015flad\u0131\u011f\u0131 kaydedildi.  <\/p>\n<p> Raporda, Hazine&#39;ye 2005 y\u0131l\u0131nda bor\u00e7 verenler, 2006 y\u0131l\u0131nda y\u00fczde 5 hedeflenirken y\u00fczde 10&#39;a yak\u0131n bir enflasyon oran\u0131na ula\u015f\u0131lmas\u0131 nedeniyle, umduklar\u0131n\u0131n olduk\u00e7a alt\u0131nda bir reel faizle yetinmek zorunda kald\u0131klar\u0131bildirildi.  <\/p>\n<p> Raporda, &quot;piyasa&quot;n\u0131n, 2006 y\u0131l\u0131nda umdu\u011fundan daha az&quot; bir reel faiz elde etmesinin faturas\u0131n\u0131, enflasyonun y\u00fczde 4&#39;e indirilmesi hedeflenen bir ortamda Hazineye borcu ancak y\u00fczde 20-23 aras\u0131nda bir nominal faiz vererek fazlas\u0131yla \u00f6dettirdiklerine dikkat \u00e7ekildi. Bu d\u00fczeyde bir nominal faizin y\u00fczde 4-5&#39;lik y\u0131ll\u0131k enflasyon varsay\u0131m\u0131yla y\u00fczde 15-18&#39;lik bir reel faize denk geldi\u011fi vurgulanan raporda, &quot;Bu y\u0131l ocak ay\u0131nda Hazine i\u00e7 bor\u00e7lanmas\u0131n\u0131 ortalama y\u00fczde 20,36 faizle ger\u00e7ekle\u015ftirdi. E\u011fer gelecek y\u0131l ocakta y\u0131ll\u0131k enflasyon ger\u00e7ekten y\u00fczde 4&#39;e inerse Hazine y\u00fczde 15,7 oran\u0131nda reel faiz \u00f6demi\u015f olacak&quot; denildi.  <\/p>\n<p> <\/p>\n<p> <strong>Devlet bor\u00e7lan\u0131p faiz \u00f6dedi<\/strong>  <\/p>\n<ul>\n<li>T\u00fcrkiye&#39;nin i\u00e7 bor\u00e7lanmas\u0131n\u0131 di\u011fer \u00fclkelere g\u00f6re olduk\u00e7a y\u00fcksek faiz oranlar\u0131yla ger\u00e7ekle\u015ftirmesi i\u00e7 bor\u00e7 stokunu h\u0131zla b\u00fcy\u00fctt\u00fc. 1994 y\u0131l\u0131nda 799 milyon YTL (20,8 milyar dolar) olan i\u00e7 bor\u00e7 stoku, 2006 y\u0131l\u0131 sonunda 251,5 milyar YTL&#39; ye (179 milyar dolara) kadar t\u0131rmand\u0131.<\/li>\n<li>Devletin b\u00fct\u00e7esi 1995-2006 y\u0131llar\u0131 aras\u0131nda \u00e7e\u015fitli d\u00fczeylerde b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 verdi. Bu y\u0131llarda faiz d\u0131\u015f\u0131 b\u00fct\u00e7e ise de\u011fi\u015fen tutarlarda fazlayla sonu\u00e7land\u0131. Dolay\u0131s\u0131yla Hazine bu d\u00f6nemde \u00f6dedi\u011fi faizin bir k\u0131sm\u0131n\u0131 b\u00fct\u00e7e gelirleriyle kar\u015f\u0131larken, bir k\u0131sm\u0131n\u0131 da yeniden bor\u00e7lanarak bor\u00e7 stokuna ekledi.<\/li>\n<li>Son 12 y\u0131ll\u0131k d\u00f6nemde b\u00fct\u00e7e toplam 164,2 milyar YTL faiz d\u0131\u015f\u0131 fazla verdi. Buna g\u00f6re s\u00f6z konusu d\u00f6nemde Hazine 302,5 milyar YTL olan faiz \u00f6demelerinin y\u00fczde 42&#39;sini b\u00fct\u00e7e gelirleriyle \u00f6derken, geri kalan 175 milyar YTL&#39; sini (y\u00fczde 58&#39;ini) yeniden bor\u00e7lanarak bor\u00e7 stokuna ekledi. Ayn\u0131 d\u00f6nemde T\u00fcrkiye&#39;nin b\u00fct\u00e7esi ise yine 175 milyar YTL a\u00e7\u0131k verdi. Di\u011fer bir ifadeyle b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n t\u00fcm\u00fc faiz \u00f6demelerinden kaynakland\u0131.<\/li>\n<li>Hazine 1995-2006 y\u0131llar\u0131n\u0131 kapsayan d\u00f6nemde toplam 774,3 milyar YTL anapara ve 302,5 milyar YTL faiz \u00f6demesi yapt\u0131. Anapara ve faiz olarak toplam i\u00e7 bor\u00e7 \u00f6demesi 1 trilyon 76,8 milyar YTL&#39; yi buldu. \u0130\u00e7 bor\u00e7 anapara \u00f6demelerinin ortalama y\u00fczde 39&#39;u kadar da faiz \u00f6demesi yap\u0131ld\u0131. Hatta 2000 y\u0131l\u0131nda faiz \u00f6demelerinin tutar\u0131 anapara \u00f6demesinin y\u00fczde 98,1&#39;ine ula\u015ft\u0131. Bu oran 1997, 1998 ve 1999 y\u0131llar\u0131nda da y\u00fczde 60&#39;\u0131n \u00fczerine \u00e7\u0131kt\u0131. 2006 y\u0131l\u0131nda yap\u0131lan faiz \u00f6demesi anapara \u00f6demesinin y\u00fczde 32,5&#39;i kadar bir b\u00fcy\u00fckl\u00fck olu\u015fturdu.<\/li>\n<\/ul>\n<p> <strong>Reel Faizin Faturas\u0131<\/strong>  <\/p>\n<p> <strong>Raporda, T\u00fcrkiye&#39;nin 1994 krizini izleyen y\u0131llarda reel faiz olarak ne kadar bir bedel \u00f6dedi\u011fi de hesapland\u0131. <\/strong> <\/p>\n<p> <strong>Hesaplamalarda faiz \u00f6demesinin yap\u0131ld\u0131\u011f\u0131 y\u0131l\u0131n ortalama enflasyon oran\u0131 (T\u00dcFE) esas al\u0131narak reel faiz oran\u0131n\u0131n s\u0131f\u0131r, y\u00fczde 5 ve y\u00fczde 8 olmas\u0131 halinde \u00f6denmesi gereken faiz tutarlar\u0131 hesaplanarak, fiilen \u00f6denen faiz tutar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131. Ara\u015ft\u0131rman\u0131n baz\u0131 sonu\u00e7lan \u015f\u00f6yle:<\/strong>  <\/p>\n<ul>\n<li><strong>Hazine, 1995-2006 y\u0131llar\u0131n\u0131 kapsayan d\u00f6nemde toplam 302,5 milyar YTL (303 milyar dolar) i\u00e7 bor\u00e7 faizi \u00f6dedi.<\/strong><\/li>\n<li><strong>E\u011fer Hazine bu y\u0131llarda enflasyona endeksli olarak bor\u00e7lan\u0131p y\u0131ll\u0131k ortalama enflasyon d\u00fczeyinde faiz (s\u0131f\u0131r reel faiz) \u00f6deseydi toplam i\u00e7 bor\u00e7 faiz \u00f6demeleri 165,9 milyar YTL&#39; de (176,7 milyar dolar) kalacakt\u0131. Yani Hazine 136,6 milyar YTL (126,4 milyar dolar) daha az faiz \u00f6deyecekti.<\/strong><\/li>\n<li><strong>S\u0131f\u0131r; reel faize g\u00f6re hesaplanan bu fark ayn\u0131 zamanda Hazinenin 1995-2006 y\u0131llar\u0131n\u0131 kapsayan 12 y\u0131ll\u0131k d\u00f6nemde \u00f6dedi\u011fi reel faizin tutar\u0131na da denk d\u00fc\u015f\u00fcyor. Buna g\u00f6re Hazinenin, bu d\u00f6nemde \u00f6dedi\u011fi her 100 liral\u0131k faizin 45 liras\u0131n\u0131 faizin reel k\u0131sm\u0131 olu\u015fturdu.<\/strong><\/li>\n<li><strong>E\u011fer son 12 y\u0131ll\u0131k d\u00f6nemde reel faiz y\u0131ll\u0131k ortalama y\u00fczde 5 d\u00fczeyinde kalsayd\u0131, toplam i\u00e7 bor\u00e7 faiz \u00f6demesi 211,8 milyar YTL&#39; de (216,2 milyar dolarda) kalacakt\u0131. Y\u00fczde 5 reel faiz varsay\u0131m\u0131yla T\u00fcrkiye mevcut duruma g\u00f6re 90,7 milyar YTL (86,9 milyar dolar) daha az bir faiz \u00f6demesi yapacakt\u0131.<\/strong><\/li>\n<li><strong>Bu d\u00f6nemde Hazine i\u00e7 bor\u00e7lanmas\u0131n\u0131 y\u0131ll\u0131k ortalama y\u00fczde 8 d\u00fczeyinde bir reel faizle ger\u00e7ekle\u015ftirseydi toplam 239,3 milyar YTL&#39;lik (239,9 milyar dolar) faiz \u00f6demesi yapacakt\u0131. \u00c7ok y\u00fcksek say\u0131lmas\u0131 gereken y\u00fczde 8&#39;lik reel faiz oran\u0131yla bile T\u00fcrkiye 12 y\u0131lda 63 milyar YTL (63,2 milyar dolar) daha az faiz \u00f6demesinde bulunacakt\u0131.<\/strong><\/li>\n<\/ul>\n<p> <strong>ATO Ba\u015fkan\u0131 Sinan Ayg\u00fcn<\/strong>  <\/p>\n<p> Rapora ili\u015fkin de\u011ferlendirmede bulunan ATO Ba\u015fkan\u0131 Sinan Ayg\u00fcn, Ba\u015fbakan Recep Tayyip Erdo\u011fan&#39;\u0131n 2006 y\u0131l\u0131 b\u00fct\u00e7e sonu\u00e7lar\u0131 ve kamu bor\u00e7lar\u0131n\u0131n GSMH&#39;ye oran\u0131n\u0131n d\u00fc\u015fmesiyle \u00f6v\u00fcnd\u00fc\u011f\u00fcn\u00fc hat\u0131rlatarak, &quot;B\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 ve bor\u00e7 oranlar\u0131n\u0131n d\u00fc\u015fmesiyle biz de \u00f6v\u00fcnelim ancak, ni\u00e7in hala d\u00fcnyan\u0131n en y\u00fcksek reel faiziyle soyuldu\u011fumuzu da sorgulayal\u0131m&quot; dedi.  <\/p>\n<p> H\u00fck\u00fcmetin kaynaklar\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc faiz \u00f6demelerine ay\u0131rmak i\u00e7in y\u0131llard\u0131r halka kemer s\u0131kt\u0131rd\u0131\u011f\u0131n\u0131, \u00fclkenin \u00f6nemli varl\u0131klar\u0131n\u0131 b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n d\u00fc\u015f\u00fcr\u00fclmesine katk\u0131 sa\u011flamak i\u00e7in satt\u0131\u011f\u0131n\u0131 vurgulayan Ayg\u00fcn, \u015funlar\u0131 s\u00f6yledi:  <\/p>\n<p> &quot;T\u00fcrk halk\u0131, nedense bunun meyvesini bir t\u00fcrl\u00fc yiyemiyor. Y\u00fcksek reel faiz \u00f6demeye devam ederek bir bak\u0131ma ikinci bir cezaya daha \u00e7arpt\u0131r\u0131l\u0131yor. Say\u0131n Ba\u015fbakan b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n ve kamu borcunun GSMH&#39;ye oran\u0131n\u0131n d\u00fc\u015fm\u00fc\u015f olmas\u0131yla \u00f6v\u00fcn\u00fcyor. Tamam biz de \u00f6v\u00fcnelim ama, bu kadarc\u0131k bir a\u00e7\u0131\u011f\u0131 finanse etmek, bu borcu \u00e7evirmek i\u00e7in hala d\u00fcnyan\u0131n en y\u00fcksek reel faizini \u00f6d\u00fcyorsak, b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131n azalm\u0131\u015f bor\u00e7 oran\u0131n\u0131n d\u00fc\u015fm\u00fc\u015f olmas\u0131n\u0131n T\u00fcrk halk\u0131na yarar\u0131 ne?&quot;  <\/p>\n<p> <strong>Ekonomik \u00d6zg\u00fcrl\u00fckte \u0130smimiz Yok<\/strong>  <\/p>\n<p> D\u00fcnya Ekonomik \u00d6zg\u00fcrl\u00fck Endeksi&#39;nin 2007 y\u0131l\u0131 s\u0131ralamas\u0131nda T\u00fcrkiye, 157 \u00fclke aras\u0131nda 83&#39;\u00fcnc\u00fc oldu.  <\/p>\n<p> <strong>Piyasa \u00f6zg\u00fcrl\u00fc\u011f\u00fc d\u00fc\u015f\u00fck<\/strong>  <\/p>\n<ul>\n<li>T\u00fcrkiye&#39;nin 45,4 olan \u00e7al\u0131\u015fma piyasas\u0131 \u00f6zg\u00fcrl\u00fc\u011f\u00fc puan\u0131, 62,3 olan d\u00fcnya ortalamas\u0131n\u0131n olduk\u00e7a alt\u0131nda kald\u0131. Endekste buna gerek\u00e7e olarak istihdam \u00fczerindeki vergi y\u00fck\u00fcn\u00fcn a\u011f\u0131r olmas\u0131 ve ihtiya\u00e7 duyulmayan i\u015f\u00e7ileri \u00e7\u0131karmada a\u011f\u0131r maliyetle kar\u015f\u0131la\u015f\u0131lmas\u0131 g\u00f6sterildi. D\u00fcnya ortalamas\u0131n\u0131n 41,2 oldu\u011fu yolsuzlu\u011fa kar\u015f\u0131 \u00f6zg\u00fcrl\u00fckte ise T\u00fcrkiye&#39;ye 35 puan verildi. <\/li>\n<li>Wall Street Journal ve The Heritage Foundation&#39;\u0131n ortak \u00e7al\u0131\u015fmas\u0131 olan D\u00fcnya Ekonomik \u00d6zg\u00fcrl\u00fck Endeksi&#39;nin 2007 y\u0131l\u0131 s\u0131ralamas\u0131nda T\u00fcrkiye, 157 \u00fclke aras\u0131nda 83&#39;\u00fcnc\u00fc oldu. <\/li>\n<\/ul>\n<p> \u00dclkelerin 1&#39;den 100&#39;e kadar de\u011fi\u015fen \u00f6zg\u00fcrl\u00fck puanlar\u0131na g\u00f6re 80 puan ve \u00fczerinin &quot;\u00f6zg\u00fcr&quot;, 70-80 puan aras\u0131n\u0131n &quot;b\u00fcy\u00fck \u00f6l\u00e7\u00fcde \u00f6zg\u00fcr&quot;, 60-70 puan aras\u0131n\u0131n &quot;orta seviyede \u00f6zg\u00fcr&quot;, 50-60 puan aras\u0131n\u0131n &quot;\u00e7ok az \u00f6zg\u00fcr&quot; ve 50 puan alt\u0131n\u0131n &quot;bask\u0131 alt\u0131nda&quot; kabul edildi\u011fi endekste T\u00fcrkiye&#39;deki ekonomik \u00f6zg\u00fcrl\u00fc\u011fe 59,33 puan verildi.  <\/p>\n<p> Endekste &quot;ekonomik \u00f6zg\u00fcrl\u00fck&quot; puan\u0131n\u0131n hesaplanmas\u0131nda 10 fakt\u00f6r dikkate al\u0131nd\u0131. S\u00f6z konusu alt fakt\u00f6rler aras\u0131nda bir yat\u0131r\u0131mc\u0131n\u0131n ka\u00e7 g\u00fcnde i\u015fe ba\u015flayabilece\u011fini, ne kadar zamanda gerekli izinleri alabilece\u011fini ve \u015firketini ne kadar kolayl\u0131kla kapatabilece\u011fini \u00f6l\u00e7en i\u015f \u00f6zg\u00fcrl\u00fc\u011f\u00fcnde T\u00fcrkiye&#39;nin puan\u0131 67,4 olarak belirlendi.  <\/p>\n<p> Endekste verilen d\u00fcnya ortalamalar\u0131na g\u00f6re bir \u015firket 48 g\u00fcnde kuruluyor. \u015eirket faaliyetleri i\u00e7in gerekli t\u00fcm yasal izinlerin al\u0131nmas\u0131 215 g\u00fcnde ger\u00e7ekle\u015fiyor. \u015eirketlerin ortalama iflas i\u015flemleri ise 3 y\u0131l\u0131 buluyor. T\u00fcrkiye&#39;de ise bir \u015firketin kurulmas\u0131 ortalama 9 g\u00fcnde kurulabildi\u011fi belirtilirken, a\u015f\u0131r\u0131 b\u00fcrokrasi nedeniyle gerekli yasal izinlerin al\u0131nmas\u0131n\u0131n ve \u015firketin kapat\u0131lmas\u0131n\u0131n zor oldu\u011fu, b\u00fcrokrasinin yava\u015f i\u015fledi\u011fi ve gecikmelerle s\u0131k\u00e7a kar\u015f\u0131la\u015f\u0131ld\u0131\u011f\u0131 vurgulan\u0131yor.  <\/p>\n<p> G\u00fcmr\u00fck vergileri, kotalar ve g\u00fcmr\u00fcklerdeki h\u0131z\u0131 dikkate alan ticaret \u00f6zg\u00fcrl\u00fc\u011f\u00fcnde T\u00fcrkiye&#39;ye, 64 olan d\u00fcnya ortalamas\u0131n\u0131n hayli \u00fczerinde, 76 puan verildi. T\u00fcrkiye&#39;nin baz\u0131 tar\u0131m ve g\u0131da \u00fcr\u00fcnleri ithalat\u0131n\u0131 s\u0131n\u0131rlad\u0131\u011f\u0131, ithalattaki vergi ve har\u00e7lar\u0131n y\u00fcksek oldu\u011fu, ithalat izinlerinin zorla\u015ft\u0131r\u0131ld\u0131\u011f\u0131, fikri m\u00fclkiyet haklar\u0131n\u0131n yeterince korunmad\u0131\u011f\u0131 ve yolsuzlu\u011fun maliyetleri art\u0131rd\u0131\u011f\u0131 ifade edildi.  <\/p>\n<p> <strong>Vergi y\u00fck\u00fc &quot;a\u011f\u0131r&quot;<\/strong>  <\/p>\n<p> Vergi oranlar\u0131n\u0131n belirleyici oldu\u011fu vergi \u00f6zg\u00fcrl\u00fc\u011f\u00fcnde T\u00fcrkiye 79,4 ile en y\u00fcksek puan\u0131n\u0131 almas\u0131na ra\u011fmen, 82,2 olan d\u00fcnya ortalamas\u0131n\u0131n gerisinde kald\u0131.  <\/p>\n<p> <strong>Ofer&#39;den sonra Mobius&#8230;<\/strong>  <\/p>\n<ul>\n<li>Mark Mobius&#8230;<\/li>\n<\/ul>\n<p> D\u00fcnyaca \u00fcnl\u00fc yat\u0131r\u0131mc\u0131 (para sihirbaz\u0131) ve d\u00fcnyan\u0131n en b\u00fcy\u00fck varl\u0131k y\u00f6netim \u015firketlerinden olan Templeton Fonu&#39;nun kurucusu. Alman as\u0131ll\u0131 Amerikan vatanda\u015f\u0131 olan Mobius, piyasalar i\u00e7in Soros kadar tan\u0131d\u0131k bir isim.  <\/p>\n<p> T\u00fcrkiye&#39;de kamu \u015firketlerine olan ilgisi ile de dikkatleri \u00fczerine \u00e7eken <strong>Mark Mobius&#39;un sahibi oldu\u011fu Templeton Fonu&#39;nda \u00f6nemli oranda Petkim ve T\u00fcrk Hava Yollar\u0131 (THY) hissesi bulunuyor.<\/strong>  <\/p>\n<p> Bu bilgilerden sonra; manidar bulunan ayr\u0131nt\u0131lar\u0131 aktaral\u0131m&#8230;  <\/p>\n<p> Templeton Fonu, 5 \u015eubat&#39;ta sahip oldu\u011fu hisselere y\u00f6nelik olarak IMKB&#39;ye bir a\u00e7\u0131klama g\u00f6nderiyor. Bu a\u00e7\u0131klamada, fonun Petkim&#39;in sermayesinin y\u00fczde 6,9661&#39;ine sahip oldu\u011fu belirtiliyor. Templeton&#39;un sahip oldu\u011fu hisseler Petkim&#39;in halka a\u00e7\u0131k k\u0131sm\u0131n\u0131n y\u00fczde 18&#39;ini olu\u015fturuyor. Petkim&#39;in halka a\u00e7\u0131k oran\u0131n\u0131n y\u00fczde 38,68 oldu\u011fu d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde, borsadaki Petkim hisselerinin yar\u0131ya yak\u0131n\u0131n\u0131n bu fonun b\u00fcnyesinde oldu\u011fu anla\u015f\u0131l\u0131yor. Templeton, bu a\u00e7\u0131klamay\u0131 SPK&#39;n\u0131n tebli\u011finden kaynaklanan zorunluluktan dolay\u0131 yap\u0131yor. Yani yat\u0131r\u0131mc\u0131lar\u0131n al\u0131m yapt\u0131klar\u0131 hisse miktarlar\u0131n\u0131n \u015firket sermayesinin y\u00fczde 5&#39;ini a\u015fmas\u0131 durumunda yapt\u0131klar\u0131 her al\u0131m ve sat\u0131m\u0131 borsaya bildirmek zorunda.  <\/p>\n<p> <strong>\u0130kinci Ayr\u0131nt\u0131ya Gelelim&#8230;<\/strong>  <\/p>\n<p> Ak Yat\u0131r\u0131m taraf\u0131ndan ge\u00e7ti\u011fimiz Ocak ay\u0131n\u0131n sonunda yat\u0131r\u0131m zirvesi ad\u0131 alt\u0131nda bir toplant\u0131 d\u00fczenlenmi\u015fti. Zirve toplant\u0131s\u0131na d\u00fcnyan\u0131n en b\u00fcy\u00fck fon y\u00f6neticileri kat\u0131lm\u0131\u015ft\u0131. Bu fon y\u00f6neticilerinin ba\u015f\u0131nda da Mark Mobius geliyor. Zirvenin amac\u0131 da borsada i\u015flem g\u00f6ren \u015firketlerin 2007 planlar\u0131n\u0131 yabanc\u0131 fon y\u00f6neticilerine anlatarak T\u00fcrkiye&#39;ye yat\u0131r\u0131m yapmalar\u0131n\u0131 sa\u011flamakt\u0131. Zirvenin ikinci g\u00fcn\u00fc bu fon y\u00f6neticileri Ba\u015fbakan Erdo\u011fan ve Maliye Bakan\u0131 Kemal Unak\u0131tan ile de \u00f6zel g\u00f6r\u00fc\u015fmeler yapm\u0131\u015flard\u0131.  <\/p>\n<p> <strong>Templeton&#39;un 5 \u015eubat&#39;ta borsaya g\u00f6nderdi\u011fi a\u00e7\u0131klamadan anla\u015f\u0131laca\u011f\u0131 \u00fczere, fonun son haftalarda yapt\u0131\u011f\u0131 yeni al\u0131mlarla sahip oldu\u011fu Petkim hisselerini art\u0131rd\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/strong>  <\/p>\n<p> \u0130\u015fin can al\u0131c\u0131 noktas\u0131 ise; unutulan, &#8216;se\u00e7im sonras\u0131na kald\u0131&#39; diye g\u00f6r\u00fclen \u00f6zelle\u015ftirmede Erdo\u011fan&#39;\u0131n a\u00e7\u0131klamas\u0131 ile i\u015fler biranda de\u011fi\u015fti. Erdo\u011fan&#39;\u0131n Petkim&#39;in blok olarak \u00f6zelle\u015ftirilece\u011fini a\u00e7\u0131klamas\u0131 \u00fczerine \u015firketin borsadaki hisseleri de tavan yapt\u0131. Son \u00fc\u00e7 seansta Petkim hisseleri y\u00fczde 20&#39;nin \u00fczerinde de\u011fer kazand\u0131.  <\/p>\n<p> G\u00f6r\u00fcnen o ki Mobius&#39;ta para sihirbaz\u0131 Soros ya da T\u00fcpra\u015f&#39;taki al\u0131mlarla dikkat \u00e7eken Ofer kadar yetenekli g\u00f6r\u00fcn\u00fcyor. Hisselerin k\u0131sa s\u00fcrede bu kadar de\u011ferlenece\u011fini g\u00f6rerek yeni al\u0131mlar yapmak b\u00fcy\u00fck bir yetenek ister!<a name=\"_ftnref1\" href=\"#_ftn1\" title=\"_ftnref1\">[1]<\/a>  <\/p>\n<p> <\/p>\n<p> <strong>T\u00fcrkiye \u00d6dedi\u011fi Net Faiz Oran\u0131nda, Cari D\u0131\u015f A\u00e7\u0131kta D\u00fcnya Birincisi<\/strong>  <\/p>\n<p> Ba\u015fbakan ve Bakan arkada\u015flar\u0131, \u00fclkemizin ekonomik performans\u0131 ile \u00e7ok \u00f6v\u00fcn\u00fcyorlar. Oysa durum, \u00fclkemiz i\u00e7in hi\u00e7 de parlak de\u011fil. Onlara bu \u00f6v\u00fcnme f\u0131rsat\u0131n\u0131, ku\u015fkusuz kendi kadrolar\u0131yla doldurduklar\u0131 T\u00fcrkiye istatistik Kurumu (T\u00dc\u0130K)&#39;in yalan yanl\u0131\u015f hesaplay\u0131p il\u00e2n etti\u011fi Milli Gelir ve istihdam istatistikleri veriyor. Bu kurumun yay\u0131nlad\u0131\u011f\u0131 istihdam istatistiklerinde hesaba al\u0131nanlar \u00e7al\u0131\u015fma \u00e7a\u011f\u0131nda olup da \u00e7e\u015fitli nedenlerle \u00e7al\u0131\u015famayanlar de\u011fil, i\u015f aramak i\u00e7in ba\u015fvurup da buna olumlu yan\u0131t bulamayanlard\u0131r. Bunlar ve mevsimlik i\u015f bulanlar da T\u00dc\u0130K bulgusuna eklendi\u011finde &quot;\u00e7al\u0131\u015fmayan ve \u00e7al\u0131\u015fan olana\u011f\u0131 bulamayanlar\u0131n \u00e7al\u0131\u015fma \u00e7a\u011f\u0131ndaki n\u00fcfusa oran\u0131 y\u00fczde 17-19&#39;u buluyor.  <\/p>\n<p> Bu ger\u00e7ek bir yana, T\u00dc\u0130K&#39;in ilan etti\u011fi yanl\u0131\u015f &quot;i\u015fsiz say\u0131s\u0131&quot; da pek \u00f6v\u00fcn\u00fclecek bir d\u00fczey de\u011fil, \u0130ngiliz The Economist dergisinin verdi\u011fi rakamlara g\u00f6re, i\u015fsizlik oran\u0131 (T\u00dc\u0130K&#39;in yanl\u0131\u015f hesaplar\u0131na g\u00f6re bile) 50 \u00fclkede sondan d\u00f6rd\u00fcnc\u00fc. T\u00dc\u0130K&#39;in milli gelir (GSMH ve T\u00fcketici Endeksleri gibi) hesab\u0131 zor konularda de\u011fil, \u00e7ok basit konularda bile ne \u00f6l\u00e7\u00fcde ba\u015far\u0131s\u0131z oldu\u011fu son g\u00fcnlerde ortaya \u00e7\u0131km\u0131\u015ft\u0131r. T\u00dc\u0130K, gelir da\u011f\u0131l\u0131m\u0131 konusunda her gelir dilimini alt alta vermi\u015ftir. Merakl\u0131, dikkatli, ekonomiyi iyi bilen Say\u0131n Mustafa S\u00f6nmez buradaki gelirler toplam\u0131n\u0131n, kurumun GSMH hesaplar\u0131ndaki toplamdan y\u00fczde 40 oran\u0131nda d\u00fc\u015f\u00fck oldu\u011funu ortaya koymu\u015f, daha da beteri, bunun basit bir hesap hatas\u0131 olmad\u0131\u011f\u0131n\u0131 kan\u0131tlar\u0131yla ortaya \u00e7\u0131karm\u0131\u015ft\u0131r.  <\/p>\n<p> Bu yaz\u0131n\u0131n yaz\u0131ld\u0131\u011f\u0131 9 Ocak g\u00fcnl\u00fc Milliyet gazetesinin yedinci sahifesindeki \u00fcst man\u015fet &quot;T\u00dc\u0130K rakamlar\u0131 \u015fa\u015f\u0131rd\u0131&quot;. Haberi okuyunca anla\u015f\u0131l\u0131yor ki, T\u00dc\u0130K her ay\u0131n 8&#39;nci g\u00fcn\u00fc yay\u0131nlad\u0131\u011f\u0131 sanayi \u00fcretiminde \u00f6nceki y\u0131la g\u00f6re sanayi \u00fcretimi art\u0131\u015f\u0131 gibi basit bir derlemeyi yanl\u0131\u015f yapm\u0131\u015f. \u00d6nce, Kas\u0131m ay\u0131ndaki art\u0131\u015f\u0131 y\u00fczde 12,8 gibi y\u00fcksek bir oranda ilan etmi\u015f, sonra da bunu y\u00fczde 10,9 olarak d\u00fczeltme durumunda kalm\u0131\u015ft\u0131r.  <\/p>\n<p> T\u00dc\u0130K daha karma\u015f\u0131k bir i\u015flemlerle yap\u0131lan GSMH hesaplar\u0131nda daha vahim hesaplar ve yakla\u015f\u0131mlarda bulunmu\u015ftur. Bir yolla bulunan rakam, \u00f6teki yolla bulunan\u0131 tutmay\u0131nca, bunun nedenini arayaca\u011f\u0131na &quot;\u00f6yleyse stoklar artt\u0131&quot; diyerek aradaki fark\u0131 b\u00f6yle kapatm\u0131\u015f ve GSMH&#39;y\u0131 y\u00fcksek rakam \u00fczerinden ilan etmi\u015ftir. Yine de ilan edilen b\u00fcy\u00fcme rakamlar\u0131 d\u00fcnyan\u0131n di\u011fer \u00fclkelerinin say\u0131lar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda zavall\u0131 kalmaktad\u0131r. \u00d6rne\u011fin 2006 y\u0131l\u0131n\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde T\u00dc\u0130K&#39;in ilan etti\u011fi b\u00fcy\u00fcme y\u00fczde 3,1&#39;dir. Buna kar\u015f\u0131l\u0131k ingiliz The Economist taraf\u0131ndan ilan edilen baz\u0131 \u00fclkelerin \u00fc\u00e7 ayl\u0131k geli\u015fme rakamlar\u0131 \u015f\u00f6yledir:  <\/p>\n<p> \u00c7in y\u00fczde 11,3, Hindistan 9,3, Endonezya 5,2, Malezya 5,9, Pakistan 6,6, Filipinler 5,5, israil 6,2, \u00c7ek Cumhuriyeti 7,4, Polonya 5,5, Rusya 5,5. Geli\u015fen 27 \u00fclke s\u0131ralamas\u0131nda T\u00fcrkiye 24&#39;nc\u00fc s\u0131radad\u0131r. Sanayi \u00fcretim art\u0131\u015f\u0131ndaki s\u0131ralamada ise 21&#39;ncidir.  <\/p>\n<p> Kald\u0131 ki T\u00fcrkiye&#39;nin artm\u0131\u015f g\u00f6sterilen b\u00fcy\u00fcmesinin semereleri T\u00fcrk halk\u0131n\u0131n emek\u00e7i s\u0131n\u0131flar\u0131na, (i\u015f\u00e7ilere, kamu \u00e7al\u0131\u015fanlar\u0131na, \u00e7ift\u00e7ilere, esnafa, emeklilere) de\u011fil, d\u0131\u015f ve i\u00e7 tefecilerle, yerli ve yabanc\u0131 bankerlere ve yabanc\u0131lara g\u00f6be\u011finden ba\u011fl\u0131 ithalat\u00e7\u0131lara gitmektedir. Sadece \u00f6zel banka ve firmalar\u0131n d\u0131\u015f bor\u00e7lar\u0131 100 milyar dolar\u0131 a\u015fm\u0131\u015ft\u0131r. Faiz oranlar\u0131 da y\u0131ll\u0131k y\u00fczde 20&#39;nin \u00fczerindedir.  <\/p>\n<p> T\u00fcrkiye \u00f6dedi\u011fi net faiz oran\u0131nda, cari d\u0131\u015f a\u00e7\u0131kta d\u00fcnyada birincidir. Bu ekonomiyle bir iktidar \u00f6v\u00fcn\u00fcyorsa bu bir ahl\u00e2k sorunudur. Ve bu ahl\u00e2k sorunu git gide derinle\u015fiyor.  <\/p>\n<p> <\/p>\n<hr \/>\n<p> <a name=\"_ftn1\" href=\"#_ftnref1\" title=\"_ftn1\">[1]<\/a> Milli Gazete Ekonomi 12.02.2007  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0  <\/p>\n<p> <strong>Her 100 liral\u0131k faizin 46 liras\u0131 reel faize \u00f6dendi<\/strong>  <\/p>\n<p> <strong>Faizle s\u00f6m\u00fcr\u00fcl\u00fcyoruz<\/strong>  <\/p>\n<p> Y\u00fcksek reel faiz y\u00fcz\u00fcnden, T\u00fcrk halk\u0131n\u0131n cebinden 12 y\u0131lda fazladan 63-87 milyar dolar \u00e7\u0131kt\u0131. 1995-2006 y\u0131llar\u0131n\u0131 kapsayan d\u00f6nemde toplam 303,1 milyar dolar faiz \u00f6dendi. Bu \u00f6demenin 126,4 milyar dolar\u0131n\u0131 faizin &quot;reel k\u0131sm\u0131&quot; meydana getirmekteydi.  <\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70],"tags":[],"class_list":["post-969","post","type-post","status-publish","format-standard","hentry","category-mayis-ozel-2007"],"_links":{"self":[{"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/posts\/969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/comments?post=969"}],"version-history":[{"count":0,"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/posts\/969\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/media?parent=969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/categories?post=969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.millicozum.com\/mc\/wp-json\/wp\/v2\/tags?post=969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}