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Tangentially passing crisis
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Middle of the night. Several hundred workers packed for the night shift in front of the "staff entrance" gate of a tire factory in Thracian Turkey. Some workers entered, some could not understand why the revolving electronic bar did not read their electronic car and refused to allow them in.
Several minutes later a shy foreman delivered them the bitter news of the night: "Those workers who are not allowed in by the electronic gate are unfortunately dismissed from work because of the economic crisis. Compensation for those sacked will be calculated by the accounting office within days. It will be announced soon when compensation of the dismissed will be deposited to their bank accounts."
That was it. Some have been working at that plant for the past 15 years. Some had kids going to school; some were just married... Like thousands of other workplaces in the country, their factory was as well hit by the decrease in demand for its products because of the "tangentially passing crisis" and was compelled to cut from expenses in a last bid to survive these difficult days. Next morning, the sacked workers gathered in front of the factory for a protest demonstration. Several hours later they dispersed silently, tears pouring out of their eyes as they hugged the lucky ones still having a job and bid farewell. At a time when all businesses were shrinking and sacking their personnel how would they find new jobs?
Ahmet, an over 40-year-old father of three kids, two of them at the high school, one still at the primary school, spent several hours idle in the streets of the town together with Hasan, yet another sacked foreman. Earlier that evening he was a foreman joking on the company bus with his team. Now, he and his team were without work. If he did not have kids at school, perhaps he would return to his village and somehow survive thanks to strong family bonds. But, what he should do now? He never ever heard about derivatives or the mortgage system. He did not play any role in the mortgage crisis in the United States that triggered this global crisis. But now he was without work because of the crisis. "Hasan," he said, "Was not our company doing great over the past many years?" Hasan, in deep depression as his electronic pass was rebuffed by the revolving iron gate, said: "Sure it did! Don’t you remember, just at the beginning of last year our company reported so many millions dollars of net revenue? What did we receive from that huge revenue at the time? Just a ’We did well last year, your efforts are appreciated’ note on a box of chocolates distributed before the Bayram. Now, things are going bad and we are paying the cost of a shrinking market by losing our jobs. Why? The boss wants to keep the profitability of the factory at a certain level!"
Few days later the sacked workers received their compensation pay. They could survive on it for some time, but was there an end to the crisis in sight? Will they be able to find new jobs before the small amount of money in their hands vanishes in thin air? "We are lucky," said Ahmet, "At least we received some money in compensation and we can live on it for some time... What about those whose firms that collapsed and they found themselves without work and money all of a sudden?
No work, no hope
Fikret was relatively luckier than Ahmet, Hasan and many other workers. He was not rebuffed at the entrance of his work place by an electronic revolving door. He was working with a catering company. To put it more correctly, he was a tea boy. He was getting slightly higher than the government-fixed minimum wage. But, his boss was courageous enough to look into his eyes and say "Fikret, I am so sorry but I have to cut from expenses. I have to cut staff by one-third. I hope to work with you one day again... Fikret was married five months ago. He and his wife had plans, but thank God no child yet. He has been with that catering company for the past 11 months. Where he would go now? The crisis struck him "tangentially" as wellÉ But, he and his wife could live on the support from village for some time...
The government had finally agreed to make a new stand-by deal with the International Monetary Fund, or IMF. The IMF, however, was apparently worried that the government might use the credit extended for some populist projects ahead of the March local polls and intending to conclude the deal after the polls.
That was it. Some have been working at that plant for the past 15 years. Some had kids going to school; some were just married... Like thousands of other workplaces in the country, their factory was as well hit by the decrease in demand for its products because of the "tangentially passing crisis" and was compelled to cut from expenses in a last bid to survive these difficult days. Next morning, the sacked workers gathered in front of the factory for a protest demonstration. Several hours later they dispersed silently, tears pouring out of their eyes as they hugged the lucky ones still having a job and bid farewell. At a time when all businesses were shrinking and sacking their personnel how would they find new jobs?
Ahmet, an over 40-year-old father of three kids, two of them at the high school, one still at the primary school, spent several hours idle in the streets of the town together with Hasan, yet another sacked foreman. Earlier that evening he was a foreman joking on the company bus with his team. Now, he and his team were without work. If he did not have kids at school, perhaps he would return to his village and somehow survive thanks to strong family bonds. But, what he should do now? He never ever heard about derivatives or the mortgage system. He did not play any role in the mortgage crisis in the United States that triggered this global crisis. But now he was without work because of the crisis. "Hasan," he said, "Was not our company doing great over the past many years?" Hasan, in deep depression as his electronic pass was rebuffed by the revolving iron gate, said: "Sure it did! Don’t you remember, just at the beginning of last year our company reported so many millions dollars of net revenue? What did we receive from that huge revenue at the time? Just a ’We did well last year, your efforts are appreciated’ note on a box of chocolates distributed before the Bayram. Now, things are going bad and we are paying the cost of a shrinking market by losing our jobs. Why? The boss wants to keep the profitability of the factory at a certain level!"
Few days later the sacked workers received their compensation pay. They could survive on it for some time, but was there an end to the crisis in sight? Will they be able to find new jobs before the small amount of money in their hands vanishes in thin air? "We are lucky," said Ahmet, "At least we received some money in compensation and we can live on it for some time... What about those whose firms that collapsed and they found themselves without work and money all of a sudden?
No work, no hope
Fikret was relatively luckier than Ahmet, Hasan and many other workers. He was not rebuffed at the entrance of his work place by an electronic revolving door. He was working with a catering company. To put it more correctly, he was a tea boy. He was getting slightly higher than the government-fixed minimum wage. But, his boss was courageous enough to look into his eyes and say "Fikret, I am so sorry but I have to cut from expenses. I have to cut staff by one-third. I hope to work with you one day again... Fikret was married five months ago. He and his wife had plans, but thank God no child yet. He has been with that catering company for the past 11 months. Where he would go now? The crisis struck him "tangentially" as wellÉ But, he and his wife could live on the support from village for some time...
The government had finally agreed to make a new stand-by deal with the International Monetary Fund, or IMF. The IMF, however, was apparently worried that the government might use the credit extended for some populist projects ahead of the March local polls and intending to conclude the deal after the polls.
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