Beneath all problems lie budget deficits and debt stock, says Deputy PM Babacan

ANKARA (A.A) - January 27, 2012 - Turkish Deputy Prime Minister Ali Babacan said Friday that it was crucial to manage the budget in a tight fashion against economic risks in Europe. Speaking on a TV program while in Davos town of Switzerland attending the World Economic Forum, Babacan said that "beneath all problems lied budget deficits and debt stock". Turkey is in a good shape when you consider these two issues. We can not afford to untighten our grasp on these issues, Babacan underlined. Touching on the crisis in Greece, Babacan stressed that "for an economy which only constitutes 2 percent of the overall European economy, many debates and discussions were unnecessary". On the crisis in Europe, Babacan said that "no one so far has given a hope for the future of Europe in Davos".