{"id":42563,"date":"2015-11-18T21:32:29","date_gmt":"2015-11-18T19:32:29","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=42563"},"modified":"2015-11-18T23:50:46","modified_gmt":"2015-11-18T21:50:46","slug":"12-ay-arti-bir-gun","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/12-ay-arti-bir-gun\/","title":{"rendered":"\u00c7etin \u00dcnsalan &#8211; 12 ay art\u0131 bir g\u00fcn  \u00a0"},"content":{"rendered":"<p><em><strong>T\u00fcrkiye\u2019nin \u00f6n\u00fcm\u00fczdeki s\u00fcre\u00e7te i\u015fsizlikten finansman ihtiyac\u0131na kadar ba\u015f\u0131n\u0131 a\u011fr\u0131tacak konular\u0131n ana tetikleyicisi bor\u00e7lard\u0131r. Mevcut bor\u00e7 yap\u0131s\u0131 i\u00e7inde, i\u00e7 bor\u00e7lardan bahseden zaten yok. Hatta bir ara Maliye Bakan\u0131 Mehmet \u015eim\u015fek, bor\u00e7lar\u0131 tan\u0131mlarken \u2018i\u00e7 bor\u00e7 zaten \u00f6nemli de\u011fil\u2019 diyerek bu konuya bir bak\u0131\u015f a\u00e7\u0131s\u0131 getirdi.<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3600751641\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&nbsp;<\/p>\n<p>O d\u00f6nemden beri sordu\u011fum bir soru ise havada kald\u0131. \u0130\u00e7 bor\u00e7 neden \u00f6nemli de\u011fil; silmeyi ya da dondurmay\u0131 m\u0131 d\u00fc\u015f\u00fcn\u00fcyorsunuz? Asl\u0131nda bu suali Bakan\u2019\u0131n kar\u015f\u0131s\u0131ndaki gazetecinin sormas\u0131 gerekiyordu; ama o duymamazl\u0131ktan geldi.<\/p>\n<p>&nbsp;<\/p>\n<p>Peki ya d\u0131\u015f bor\u00e7lar ne durumda? Burada \u0131srarla pompaland\u0131\u011f\u0131 gibi kamu, \u00f6zel sekt\u00f6r ayr\u0131m\u0131 yapmak m\u00fcmk\u00fcn de\u011fildir. \u00d6ncelikle bunda anla\u015fal\u0131m. \u00c7\u00fcnk\u00fc batan paran\u0131n teminat\u0131 dolayl\u0131 yoldan da olsa kamudur. Hele ki \u00f6zel sekt\u00f6r bor\u00e7lar\u0131 i\u00e7inde bankalar\u0131n a\u011f\u0131rl\u0131\u011f\u0131n\u0131 dikkate al\u0131rsan\u0131z, bu vurgu daha anlaml\u0131 hale gelir.<\/p>\n<p>&nbsp;<\/p>\n<p>Bor\u00e7lanmak asl\u0131nda tek ba\u015f\u0131na k\u00f6t\u00fc bir \u015fey de\u011fil. E\u011fer uzun vadeli ve d\u00fc\u015f\u00fck faizle d\u00fcnyadan para kullanabiliyorsan\u0131z ve gelen paray\u0131 kalk\u0131nman\u0131z ad\u0131na finansman olarak harc\u0131yorsan\u0131z; \u00e7ok b\u00fcy\u00fck bir problem te\u015fkil etmeyebilir. Yani hesap kendi kendini \u00f6deyebilecek projelerde kullanmak olmal\u0131d\u0131r. Biz ise yiyoruz; ama bu ba\u015fka bir tart\u0131\u015fma konusu.<\/p>\n<p>&nbsp;<\/p>\n<p>T\u00fcrkiye\u2019nin toplam d\u0131\u015f borcu, Merkez Bankas\u0131\u2019n\u0131n verileri esas al\u0131nd\u0131\u011f\u0131nda, Eyl\u00fcl\u2019de a\u00e7\u0131kland\u0131\u011f\u0131 \u00fczere 2015 ikinci \u00e7eyrek sonu itibariyle 405 milyar dolar. D\u0131\u015f borcun d\u00f6viz da\u011f\u0131l\u0131m\u0131na bakt\u0131\u011f\u0131n\u0131zda ise, \u00f6n\u00fcm\u00fczdeki s\u00fcre\u00e7te bizim ad\u0131m\u0131za pek de olumlu sinyal vermeyen dolar\u0131n, yar\u0131dan fazla oldu\u011funu g\u00f6r\u00fcyoruz.<\/p>\n<p>&nbsp;<\/p>\n<p>K\u0131sa vadeli d\u0131\u015f bor\u00e7 stoku ise Eyl\u00fcl 2015 itibariyle 121 milyar dolar. Geriye yakla\u015f\u0131k 284 milyar dolar kal\u0131yor. Bu da orta ve uzun vadeli bor\u00e7lar anlam\u0131na geliyor. Yaln\u0131z burada konu\u015fulmayan bir yan var. Yap\u0131lan a\u00e7\u0131klamalarda k\u0131sa vadelilerin d\u0131\u015f\u0131ndakilerin tamam\u0131 uzun vadeli bor\u00e7lar\u0131n i\u00e7inde g\u00f6steriliyor.<\/p>\n<p>&nbsp;<\/p>\n<p>Bu ba\u015fl\u0131 ba\u015f\u0131na bir sakatl\u0131k; ama daha b\u00fcy\u00fck s\u0131k\u0131nt\u0131 ise geriye kalan k\u0131sm\u0131n\u0131n ne kadar\u0131n\u0131n orta, ne kadar\u0131n\u0131n uzun vade oldu\u011funun konu\u015fulmamas\u0131d\u0131r. \u00d6zellikle orta vadeli bor\u00e7 miktar\u0131n\u0131n b\u00fcy\u00fck bir ciddiyet i\u00e7inde tart\u0131\u015f\u0131lmas\u0131 gerekiyor.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00c7\u00fcnk\u00fc buradaki rakam T\u00fcrkiye\u2019nin finansman ihtiyac\u0131na ilave edilecek miktar\u0131 yak\u0131ndan ilgilendiriyor. Yani bulmam\u0131z gereken nakit paray\u0131 etkiliyor. Fakat \u00fclkede her \u015fey \u2018rakamlar iyi olsun yeter\u2019 ilkesinden yola \u00e7\u0131k\u0131l\u0131p, ger\u00e7ekle y\u00fczle\u015fmemek \u00fczerine kurulu oldu\u011fu i\u00e7in yap\u0131lan bir uygulamay\u0131 tart\u0131\u015fmaya a\u00e7mak gerekiyor.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-620545588\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&nbsp;<\/p>\n<p>Soru \u015fu: D\u0131\u015f bor\u00e7 i\u00e7inde 12 ay art\u0131 bir g\u00fcnl\u00fck bor\u00e7 miktar\u0131 nedir? Bunu niye sordu\u011fumu bilhassa bankac\u0131lar \u00e7ok iyi anlayacakt\u0131r. Ne fark eder diyebilirsiniz? 12 aya kadar olan bor\u00e7lanma k\u0131sa vadeli olarak tan\u0131mlan\u0131yor.12 aydan sonras\u0131 ise orta vadeli bor\u00e7lar i\u00e7inde yer al\u0131yor.<\/p>\n<p>&nbsp;<\/p>\n<p>Son d\u00f6nemde bir uygulama \u00f6n plana \u00e7\u0131k\u0131yor. 12 ay art\u0131 bir g\u00fcn bor\u00e7lanmalar&#8230; Asl\u0131nda bu k\u0131sa vadeli bor\u00e7 demek ama orta vadeli bor\u00e7lar i\u00e7inde g\u00f6z\u00fck\u00fcyor. Bu da bilan\u00e7o g\u00f6r\u00fcm\u00fcn\u00fc ve finansman a\u00e7\u0131s\u0131ndan ciddi bir yan\u0131ltma haline d\u00f6n\u00fc\u015f\u00fcyor.<\/p>\n<p>&nbsp;<\/p>\n<p>\u015eimdi tekrar soruyorum. 121 milyar dolar k\u0131sa vadeli d\u0131\u015f bor\u00e7 ise, geriye kalan 284 milyar dolar\u0131n ne kadar\u0131 orta vadeli bor\u00e7 ve bunun ka\u00e7 milyar dolarl\u0131k b\u00f6l\u00fcm\u00fcn\u00fc 12 ay art\u0131 bir g\u00fcnl\u00fck vadeler olu\u015fturuyor. A\u00e7\u0131klay\u0131n da has\u0131ralt\u0131na s\u00fcp\u00fcr\u00fclen, asl\u0131nda ilave ka\u00e7 milyar dolara ihtiyac\u0131m\u0131z oldu\u011funu bilelim.<\/p>\n<p><a href=\"mailto:cetinunsalan@yahoo.com\">cetinunsalan@yahoo.com<\/a><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2704898175\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcrkiye\u2019nin \u00f6n\u00fcm\u00fczdeki s\u00fcre\u00e7te i\u015fsizlikten finansman ihtiyac\u0131na kadar ba\u015f\u0131n\u0131 a\u011fr\u0131tacak konular\u0131n ana tetikleyicisi bor\u00e7lard\u0131r. Mevcut bor\u00e7 yap\u0131s\u0131 i\u00e7inde, i\u00e7 bor\u00e7lardan bahseden zaten yok. Hatta bir ara&hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[904,808,801],"class_list":["post-42563","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-cetin-unsalan-yazilari","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/42563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=42563"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/42563\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=42563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=42563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=42563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}