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Political row hits Turkey shares
by Unknown
Posted: Wednesday, February 21, 2001 06:22 am CST

ANKARA, Turkey -- Turkish share prices have been sent tumbling after a row erupted between Prime Minister Bulent Ecevit and President Ahmet Necdet Sezer.

CNN's Burcun Imir said Ecevit stormed out of a meeting of political and military leaders on Monday, saying the president had insulted him, triggering a "serious crisis."

Turkish share prices fell 11 percent on the back of the news, as fear spread that the country's commitment to an International Monetary Fund (IMF) financial reform programme may be damaged.

Ecevit quickly called an emergency cabinet meeting following the aborted talks of the powerful National Security Council.

He gave no details of the dispute, but the men have frequently been at odds since president Ahmet Necdet Sezer was elected by parliament, with Ecevit's backing, last May.

Turkish markets are worried that there should be no instability to endanger fulfilment of a stringent IMF financial reform programme, as the country struggles to recover from a financial crisis from the end of last year.

"Nothing like this has been seen before... I left the meeting after finding the president preaching at me in a manner beyond the rules of politeness or the traditions of the state," Ecevit said.

"This is a serious crisis. We are going to have to reach a healthy solution to this, of course," added Ecevit, who heads a three-party coalition government.

"I was either going to answer him in the same style or leave. That is why I chose to leave the meeting."

Turkey is just entering a crucial phase in a three-year IMF programme designed to cut inflation, which was as high as 100 percent in the 1990s.

The National Security Council brings together senior military leaders, including the powerful chief of general staff, and top government ministers.

It is chaired by the president, but the influence of the military is particularly strong.

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