Sharjah24 - AFP: Tens of thousands were killed, entire cities were leveled, and millions were left in need of immediate assistance when a big earthquake struck Turkey, which was already struggling with rampant inflation and dependent on wealthy partners for money to keep its economy afloat.
Now, it must pour billions of dollars into rebuilding 11 southeastern provinces flattened by the February 6 tremor -- the worst disaster of its post-Ottoman history.
That money will have to come on top of the billions of dollars in election promises that President Recep Tayyip Erdogan has made in the run-up to crucial polls still tentatively planned for May 14.
All this cash could turbo-charge consumer spending and industrial production -- two key indicators of economic growth.
The problem for Erdogan, however, is that Turkey is very short of funds.
The central bank's vanishing coffers have been replenished by assistance from Russia and oil-rich Gulf states, which has helped Turkey spend tens of billions of dollars propping up the lira in the past few years.
But economists believe that money is only sufficient to keep Turkey's finances in order -- and the troubled lira from collapsing -- until the May polls.
Now, Erdogan must repair some $84.1 billion in quake damage, according to an estimate from a prominent business group.
Other experts' estimates are more conservative, putting the total closer to $10 billion.
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