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HomeHeadlineJournalist Seymour Hersh Claims Biden Proposed $11 Billion IMF Loan to Erdogan...

Journalist Seymour Hersh Claims Biden Proposed $11 Billion IMF Loan to Erdogan in Exchange for Sweden Joining NATO


Renowned American journalist Seymour Hersh has made a claim that during a meeting between US President Joe Biden and Turkish President Recep Tayyip Erdogan, Biden proposed an IMF loan of $11 billion in exchange for Sweden’s NATO membership. Hersh remarked, “Turkey is teetering on the brink of depleting its foreign exchange reserves.”

KRONOS, July 14, 2023, WORLD

Pulitzer Prize-winning American journalist Seymour Hersh alleged that President Joe Biden offered Turkish President Recep Tayyip Erdogan an IMF loan of $11 billion, according to an article published on his Substack page.

Hersh stated, “Biden proposed a much-needed credit limit of $11-13 billion to Turkey.”

According to Independent Türkçe, citing an anonymous source familiar with the matter, the loan was contingent on Sweden giving up its veto on NATO membership.

‘WHAT COULD BE BETTER THAN SEEING THE LIGHT AT THE END FOR ERDOGAN?’

A source speaking to Hersh said, “Biden had to win the election, and Turkey is facing a severe financial crisis. What could be better for Erdogan than finally seeing the light at the end of the tunnel and realizing that being part of NATO and Western Europe would bring greater prosperity?”

‘COUNTRY WILL EITHER SELL ITS GOLD OR…’

The news article also referred to an analysis titled “Turkey’s Increasing Balance Sheet Risks” published in June by the US-based think tank Council on Foreign Relations, authored by Brad W. Setser.

The analysis stated, “Erdoğan won the election and now needs to find a way to avoid the looming financial crisis. Turkey is on the verge of depleting its usable foreign exchange reserves. The country will either sell its gold, an inevitable outcome, or undertake a complete policy change and potentially turn to an IMF program by swallowing the bitter pill.”

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