JS-2295: Remarks by Tony Fratto, Treasury Department spokesman <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://treasury.gov/press/releases/js2295.htm time: 11:01:06 Jan 09, 2009"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <BR>on the House Subcommittee on Foreign Operations <BR> decision regarding the<BR>US-Turkey Financial Agreement:



	FROM THE OFFICE OF PUBLIC AFFAIRS March 4, 2005 JS-2295 Remarks by Tony Fratto, Treasury Department spokesman on the House Subcommittee on Foreign Operations decision regarding the US-Turkey Financial Agreement: The proposal in the House Subcommittee on Foreign Operations and Appropriations is an indication that Turkey's economy has improved significantly over the past few years. The US-Turkey Financial Agreement has helped to reassure financial markets and maintain economic stability in Turkey. Turkish authorities have been able to implement nessary fiscal and monetary reforms. These reforms – combined with the EU's decision to begin negotiations with Turkey on EU accession - have lead to strong growth and have increased financial stability. Growth has averaged over 5% in the last three years, and inflation is at its lowest level in thirty years (9.3% at end-2004). As Chairman Kolbe noted said, the committee's recommendation reflects Turkey's greatly improved economic and financial situation.