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The first step Necmettin Erbakan, Turkey’s Islamist prime minister, took was to give a 50% pay rise to civil servants and pensioners. With the public sector borrowing requirement already raised from 8.5% of GDP to 10%, the shocked market wanted to know where the money would come from. “Allah will give us, we will give to them,” soothed Erbakan. He went on to promise to double the minimum wage and exempt it from tax, and erase the interest payment on farmers’ debts. |
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