{"id":55835,"date":"2018-08-31T11:20:11","date_gmt":"2018-08-31T08:20:11","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=55835"},"modified":"2018-08-31T11:20:11","modified_gmt":"2018-08-31T08:20:11","slug":"cetin-unsalan-moodyse-gordun-mu-tavri","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/cetin-unsalan-moodyse-gordun-mu-tavri\/","title":{"rendered":"\u00c7etin \u00dcnsalan &#8211; Moody\u2019s\u2019e \u2018g\u00f6rd\u00fcn m\u00fc\u2019 tavr\u0131"},"content":{"rendered":"<p><em><strong>Uluslararas\u0131 Kredi Derecelendirme Kurulu\u015fu Moody\u2019s\u2019e b\u00fcy\u00fck bir para cezas\u0131 geldi. Tam 16,25 milyon dolar. ABD Menkul K\u0131ymetler ve Borsa Komisyonu\u2019ndan gelen bu tavr\u0131n nedeni ise, teknik a\u00e7\u0131klamay\u0131 bir kenara b\u0131rak\u0131rsak not sunumlar\u0131ndaki tutars\u0131zl\u0131k.<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3355541361\"><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>Kurulu\u015f da bu cezay\u0131 kabul etti. Hemen akabinde ise, zaten bu kurulu\u015flarla derdi olan T\u00fcrkiye\u2019de iktidara yak\u0131n bas\u0131n organlar\u0131 topa girdi. Son dakika geli\u015fmesi olarak nitelendirilirken, uzmanlar ba\u011fland\u0131 ve yorumlar al\u0131nd\u0131.<\/p>\n<p>\u00d6ncelikle \u015fu de\u011ferlendirmeyi net yapal\u0131m. Bilhassa 2008 y\u0131l\u0131ndan bu yana kurulu\u015flar\u0131n t\u00fcm\u00fcn\u00fcn verdikleri notlar tart\u0131\u015fmal\u0131. \u00d6ncesi de \u00e7ok parlak olmamakla birlikte, b\u00fcy\u00fck krizin ortaya \u00e7\u0131kmas\u0131yla beraber mercekler daha fazla bu alana tutuldu.<\/p>\n<p>Fakat \u015funu da unutmamak gerekiyor ki, bu notlar\u0131 d\u00fcnyadan finansman \u00e7ekebilmek i\u00e7in \u00fclkeler talep ediyor. Kredi derecelendirme kurulu\u015flar\u0131 da notlar\u0131 ve de\u011ferlendirmeleri \u00fclkeler i\u00e7in de\u011fil, buraya paras\u0131n\u0131 getirmeye niyetli yat\u0131r\u0131mc\u0131lar i\u00e7in veriyor.<\/p>\n<p>Tekrar meselenin T\u00fcrkiye\u2019deki yans\u0131mas\u0131na gelirsek, karar, tam da 18\u2019i banka 20 finans kurulu\u015fu hakk\u0131nda not indiriminden sonra gelince \u2018g\u00f6rd\u00fcn m\u00fc\u2019 tavr\u0131na benzeyen garip bir ruh hali ortaya \u00e7\u0131kt\u0131. Ak\u0131lla de\u011fil de, ipoteklenmi\u015f ruhla hareket edince, asl\u0131nda ortaya b\u00f6yle komik manzaralar \u00e7\u0131k\u0131yor. Komik olan ne?<\/p>\n<p>\u00d6ncelikle bu cezan\u0131n bizimle hi\u00e7bir ilgisi yok. ABD\u2019nin SPK\u2019s\u0131, ipotekli konut kredisine dayal\u0131 menkul k\u0131ymetler kapsam\u0131ndaki aksakl\u0131klar ya da hatalar i\u00e7in bu cezay\u0131 kesti. 2008\u2019den bu yana g\u00f6sterilen tav\u0131r da, zaten siyasi yakla\u015f\u0131m\u0131 kan\u0131tlayan bir g\u00f6sterge say\u0131labilir.<\/p>\n<p>Cezay\u0131 kim kesmi\u015f? ABD\u2019nin kurulu\u015fu&#8230; Yani bizim tart\u0131\u015fma halinde oldu\u011fumuz bir \u00fclkenin kurumu, tart\u0131\u015fmal\u0131 oldu\u011fumuz bir ba\u015fka kurulu\u015fa, kendi \u00fclkesinde yapt\u0131\u011f\u0131 hatadan dolay\u0131 ceza verdi. Ama biz sevindik. Mal\u00fbm, d\u00fc\u015fman\u0131m\u0131n d\u00fc\u015fman\u0131 dostumdur tad\u0131nda, birden ABD\u2019nin bu karar\u0131na sar\u0131ld\u0131k.<\/p>\n<p>Fakat atlanan bir durum var. ABD\u2019nin SPK\u2019s\u0131, yani SEC\u2019in itirazlar\u0131n\u0131n hangi d\u00f6neme ait oldu\u011funa bak\u0131lmad\u0131. Birilerine yaranma duygusuyla \u2018ver co\u015fkuyu\u2019 oynand\u0131. Oysa cezaya konu d\u00f6nem, a\u011f\u0131rl\u0131kl\u0131 olarak 2010 \u2013 2013 y\u0131llar\u0131n\u0131 kaps\u0131yor.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-841655287\"><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>Bu durumda bizimle hi\u00e7 ilgisi olmayan bu cezaya konu d\u00f6nemde, \u015fimdi didi\u015fti\u011fimiz Moody\u2019s\u2019in T\u00fcrkiye performans\u0131na, o zaman bas\u0131na d\u00fc\u015fen haberler \u00fczerinden bakal\u0131m.<\/p>\n<p>\u201cMoody\u2019s 2005 aral\u0131k ay\u0131nda kredi notu bir basamak art\u0131rarak Ba3 (dura\u011fan) seviyesine ve 2009 eyl\u00fcl ay\u0131nda Ba3 (pozitif) seviyesine y\u00fckseltti.<\/p>\n<p>2010 ocak ay\u0131nda T\u00fcrkiye&#8217;nin notu bir basamak daha art\u0131r\u0131larak Ba2 (dura\u011fan) seviyesine ve ayn\u0131 y\u0131l ekim ay\u0131nda kredi notu sabit b\u0131rak\u0131l\u0131rken g\u00f6r\u00fcn\u00fcm dura\u011fandan pozitife \u00e7evrilmi\u015fti.Moody\u2019s 2012 haziran ay\u0131nda T\u00fcrkiye&#8217;nin kredi notunu yat\u0131r\u0131m yap\u0131labilir seviyenin bir basamak alt\u0131 olan Ba1\u2019e y\u00fckseltmi\u015fti ve g\u00f6r\u00fcn\u00fcm pozitif olmu\u015ftu.\u201d<\/p>\n<p>Hayda! Me\u011fer Moody\u2019s bizi seviyormu\u015f. Hadi bir de 2013 y\u0131l\u0131ndaki duruma g\u00f6z atal\u0131m. Mesela 16 May\u0131s 2013\u2019teki haberlere mercek tutal\u0131m.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1431596742\"><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<p>\u201cUluslararas\u0131 kredi derecelendirme kurulu\u015fu Moody\u2019s Investors Service, T\u00fcrkiye\u2019nin kredi notunu \u2018Ba1\u2019den \u2018Baa3\u2019e y\u00fckseltti ve not g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc dura\u011fan olarak a\u00e7\u0131klad\u0131. B\u00f6ylelikle T\u00fcrkiye\u2019nin kredi notu, Fitch\u2019in ard\u0131ndan Moody\u2019s taraf\u0131ndan da yat\u0131r\u0131m yap\u0131labilir seviyeye y\u00fckseltildi.\u201d<\/p>\n<p>Bak olmad\u0131 \u015fimdi&#8230; Me\u011fer iktidara yak\u0131n medyan\u0131n, hazine bulmu\u015f\u00e7as\u0131na Moody\u2019s\u2019in cezas\u0131n\u0131 ball\u0131 b\u00f6rek diye satt\u0131\u011f\u0131 d\u00f6nemde ili\u015fkiler iyiymi\u015f. Yani Nasreddin Hoca\u2019n\u0131n hikayesindeki, kazan\u0131n do\u011furdu\u011funa inand\u0131\u011f\u0131m\u0131z zamanlarm\u0131\u015f.<\/p>\n<p>Oysa o d\u00f6nemde de T\u00fcrkiye ekonomisi alarm veriyordu; ama ikinci parasal geni\u015fleme nedeniyle co\u015fkulanm\u0131\u015ft\u0131. \u015eimdi kazan\u0131n \u00f6ld\u00fc\u011f\u00fcne inanmayanlar, o zaman kazan\u0131n do\u011furdu\u011funa inanm\u0131\u015ft\u0131.<\/p>\n<p>Velhas\u0131l kelam e\u011fer sizin fikirlerinizde bir tutarl\u0131l\u0131k yoksa, \u00e7\u0131karc\u0131 bir yakla\u015f\u0131m i\u00e7erisinde duruma g\u00f6re konu\u015fuyorsan\u0131z, i\u015fte b\u00f6yle komik duruma d\u00fc\u015fersiniz.<\/p>\n<p>O d\u00f6nemin not art\u0131r\u0131mlar\u0131nda bakanlar\u0131n \u00f6vg\u00fc dolu s\u00f6ylemleri de, bas\u0131ndaki yorumlar da Tevfik Fikret\u2019in \u2018Yeis\u2019 ba\u015fl\u0131kl\u0131 mektubundaki gibi \u201cBir gaza ettin ki ho\u015fn\u00fbd eyledin Peygamber&#8217;i alk\u0131\u015flar\u0131yla onlar\u0131n bu dan\u0131\u015f\u0131kl\u0131 d\u00f6v\u00fc\u015flerini, namussuzlu\u011fun bu vicdan\u0131 k\u0131ran yenmesini alk\u0131\u015flayacak namuslular da var\u201d tan\u0131mlamas\u0131n\u0131 aratmayacak cinstendi.<\/p>\n<p>Demek ki \u00f6nce kendi ger\u00e7e\u011fimize bakaca\u011f\u0131z. Biz ger\u00e7e\u011fimizi g\u00f6rd\u00fckten sonra, devam\u0131 teferruat. Ama siz ba\u015fkalar\u0131n\u0131n s\u00f6zlerine gere\u011finden fazla alk\u0131\u015f tutarsan\u0131z, sizi yerdiklerinde de ortaya koydu\u011funuz ele\u015ftirilerin ger\u00e7ek\u00e7i olma ihtimali kalmaz.<\/p>\n<p><u><a href=\"mailto:cetinunsalan@yahoo.com\">cetinunsalan@yahoo.com<\/a><\/u><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uluslararas\u0131 Kredi Derecelendirme Kurulu\u015fu Moody\u2019s\u2019e b\u00fcy\u00fck bir para cezas\u0131 geldi. Tam 16,25 milyon dolar. ABD Menkul K\u0131ymetler ve Borsa Komisyonu\u2019ndan gelen bu tavr\u0131n nedeni ise,&hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","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-55835","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\/55835","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=55835"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/55835\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=55835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=55835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=55835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}