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Last update - 06:22 02/11/2008 Mideast business leaders see U.S. influence declining in region By Eytan Avriel Tags: Israel News, Mideast, Turkey  ISTANBUL - Ministers, bankers, and businessmen from Turkey, Eastern Europe and the Middle East met over the past three days for a regional meeting of the World Economic Forum in Turkey for the first time. The tone at the meeting was worrying, as the various leaders sounded just like Israeli officials: "We do not have financial problems .... Our banks are stable and have adequate capital reserves ... Our public did not overextend in taking credit ...." and "We have no need for government intervention." These are only some of the statements heard at the conference from senior officials throughout the region - despite the fact that many of their countries are liable to be among the first to collapse as a result of the economic crisis. The explanation? A surprising combination of schadenfreude, a different world-view and a very large dose of denial. The schadenfreude came mostly from Middle Eastern countries, seemingly the result of years of feelings of inferiority to the West and its financial institutions. Of course the Iranian representative hurried to reap the political windfall, saying that the American hegemony over the region had ended and calling for regional cooperation and the creation of new power centers. Advertisement It seems that in Turkey, as well as in other countries in the region, the atmosphere is the exact opposite of that in the U.S., Europe and Israel's high tech industry. There is no sense of depression or a feeling that the end of the world is nigh here. Businessmen from the region are maintaining a business-as-ususal attitude, and in some cases they even talk about real opportunities. Turkey's businessmen are a good example of this. Despite all these feelings, there is certainly a lot of denial going around. The main unknown is connected the public's level of confidence. Underneath the surface there are lots of doubts. Due to the cheap money available, many of the countries in the region saw their economies grow quickly, but their leaders forgot the need to develop basic infrastructures such as efficient capital markets at the same time. The minute the money stopped flowing from the West - and in some the flow even changed direction - their economies immediately ground to a halt. Bookmark to del.icio.us   4th quarter jitters Democrats have grown so used to losing, they feel any good news must have a catch. Designing an icon Ten years ago, two students asked Israeli Ruth Kedar to design their new company's logo.   1.   The downturn might even spur . . . 10:32  |  Zev Davis9 02/11/08   2.   Guess who`s gaining influence? Right, it`s Russia and Iran 11:56  |  Aounist 02/11/08   3.   You can`t screw up everything and not 13:19  |  Mark Lincoln 02/11/08   4.   For a dose of the real world 13:31  |  Mark Lincoln 02/11/08   5.   It stands to reason... 13:36  |  Ben Lolo 02/11/08   6.   For another dose of reality 13:42  |  Mark Lincoln 02/11/08   7.   Russia And Iran 16:41  |  Daniel 02/11/08   8.   Aounist - too true 20:02  |  Mark Lincoln 02/11/08   9.   to: Aounist 01:29  |  leven5 03/11/08

Read & React Settlers preparing for war, says Shin Bet chief Responses: 261 Arab student chair apprehended for refusing to shake Peres' hand Responses: 223 Sarah Silverman was wrong: Older Jews more likely to vote Obama Responses: 72 Meir Porush: In 15 years, Israel won't have any secular mayors Responses: 48 Akiva Eldar: Evacuate Hebron settlement before it's too late Responses: 81 More Headlines 00:17 Obama eyes Republican states to lock up win 06:16 ANALYSIS / Is Obama a danger to Israel after all? 02:26 Britain to EU: Clamp down on imports from settlements 23:42 Syria asks foreign staff of U.S. institutions to leave country 06:21 You betcha, Sarah Palin hits a nerve among Jewish women 03:04 In wake of financial crisis, Haredim plan prayer day to fund schools 06:24 Illegally built homes in East Jerusalem to get water service 06:27 Demand for high-tech workers in Israel down 35 percent to 45 percent 06:29 Sheba hospital suspected of selling know-how to foreign countries 06:32 Victim's mother: Driver 'should join Meital in her grave' 05:00 Health Ministry tips for how to survive the coming winter 19:15 Egypt lawyer sues Lieberman for telling Mubarak to 'go to hell' 20:04 U.S. Army soldier discharged over beating of Jewish trainee 03:33 Fourth quarter jitters reveal the pain and dejection of being a Democrat Previous Editions Select Day 03 nov 02 nov 31 oct 30 oct 29 oct 28 oct 27 oct 26 oct 24 oct 23 oct 22 oct 21 oct

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