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    "title": "Memorandum of Conversation with Secretary of State Dean Acheson, Ambassador of Turkey Feridun Erkin, and William O. Baxter, with Attachment",
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    "ocrText": "S/S\nDEPARTMENT OF STATE\nMemorandum of Conversation\n282\nSECURITY INFORMATION\nDATE: September 22, 1952\nSUBJECT:\nTurkish Request for MSA Aid to Meet EPU Deficits.\nPARTICIPANTS: Mr. Feridun C. Erkin, Turkish Ambassador.\nThe Secretary\nMr. William O. Baxter, Deputy Director, GTI.\nCOPIES TO:\ns/s\nAnkara - BY STAMP\nS/MSA\nNEA\nu. s. GOVERNMENT PRINTING OFFIOE\n16-61190-1\nAmbassador Erkin called on me today at his request to present his\nGovernment's views on the serious problem facing Turkey as a result of large\nrecent deficits in its EPU balance of payments.\nThe Ambassador said he wished to refer briefly to the unprecedented\nimprovement in various fields of economic endeavor in Turkey. He mentioned\nthe rapid expansion of Turkish agriculture as evidenced by a large exportable\nsurplus of wheat now being sold at vorld prices; the stability of price levels;\nindustrial development projects; and a balanced budget. Despite these\nencouraging aspects, Turkey is faced at the moment with a serious but temporary\ndollar gap in its EPU balance of payments. As Turkey's exports are\npreponderantly agricultural, the summer and fall months are always a slack\nseason in the Turkish economic cycle, and the present temporary imbalance is\none which may be expected to persist until this year's crops get into export\ntrade.\nAmbassador Erkin explained that, though he had tried to handle this matter\nwithout troubling me, his Government viewed its position with such concern\nthat it wished to have the matter brought to my personal attention. In\nsummarizing the background, he said that Turkey had requested MSA to authorize\nthe use of Special Resource funds to meet current EPU deficits. In reply MSA\nsuggested that EPU might help, but EPU recommended that Turkey turh to MSA.\nThe Ambassador thought there was some mutual resentment between MSA and EPU\nwhich had the net effect of preventing any action to help Turkey.\nDECLASSIFIED\nAs remedial\nO. 11652, Sec. 3(E) and 5(D) or (E)\nDept. of State letter, 10-2676 Aug 2 1073\nSECURITY INFORMATION\nBz NLT. He NARS Date 11-2476"
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