Babacan: Crisis in south Cyprus a Greek Cypriot issue

It would be unacceptable for Turkey and the Turkish Republic of Northern Cyprus (TRNC) that the island’s resources were served up as a collateral loan in efforts to resolve south Cyprus’ economic problems, Turkish Deputy Prime Minister Ali Babacan said, warning Turkey would assert its rights born out of international law lest such a move was made. Speaking to AA correspondent, Babacan said the natural resources found in Cyprus and its seas belonged to the whole population, including the people living in TRNC. "A potential move by the Greek Cypriot administration to use these resources as collateral in order to find relief for its economic troubles would prompt legal action on the part of TRNC and Turkey." “TRNC and its people would exercise their rights to the fullest extent,” Babacan said. “Our position is very solid in regards to international law.” Deputy PM said they had yet to see such a move by south Cyprus, but they would continue to watch carefully. -Interest rates lowered for artisan loans- Asked on state-owned Halkbank’s initiative to cut interest rates for loans issued to artisans, Babacan said it was in parallel to a general drop in interests across markets, adding the decision was heartily welcomed in the country. “The fact that interest rates for artisan loans, once in the order of 50%, has now dropped to 4% level clearly shows to all of us how economically stable Turkey has become through the years,” Babacan said.