A center-right Turkish opposition party sought Friday to topple the three-way coalition government with a no-confidence motion for what it called economic mismanagement in a country rocked by financial turmoil.
The True Path Party (DYP), led by former Prime Minister Tansu Ciller, accused the government "of dragging the country into an economic collapse."
"The situation in the financial markets and in the banking sector has become a nightmare," DYP deputy Ali Riza Gonul told reporters.
The motion came amid government efforts to calm markets rattled by a severe liquidity crunch, and to assure that Ankara would stick to a tight anti-inflation program backed by the International Monetary Fund (IMF).
Panic gripped Turkey's markets on Tuesday, causing a massive flight into foreign currency, a liquidity squeeze, and a sharp fall on the stock market, prompting injections of liquidity by the Central Bank.
The anxiety stemmed from speculation that more banks would be bailed out following the recent seizure of two private banks, rumors of a devaluation and a growing concern among investors over delays in privatization and introduction of structural economic reforms by Ankara.
The parliament will decide in ten days whether to put DYP's no-confidence motion on its agenda.
On Tuesday, it will convene to decide whether to take up a similar motion -- by the main opposition Islamic Virtue Party -- which accuses Prime Minister Bulent Ecevit's coalition of turning a blind eye to alleged corruption in the recently bailed out banks.
At least 367 deputies are expected to vote in favor of the motion aimed at toppling the government, which holds 351 seats in the 550-member parliament.
The DYP has 85 seats, and Virtue has 103 -- ANKARA (AFP)
© 2000 Al Bawaba (www.albawaba.com)
