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Turkish President Gul fears for EU split *(XEU) *PIC*

Turkish President Gul fears for EU split (by Kim Hjelmgaard)

LONDON (MarketWatch) -- Turkey's President Abdullah Gul said Monday in London that four years after the outbreak of the global financial crisis the world economy has entered a dangerous new phase, and that the divergence between euro-zone members and non-euro-zone members of the EU threatened to derail the European Union itself. "What I see now, the world economy is in a state of a 'balance of economic terror' that may all of a sudden plunge into a full-fledged global depression," Gul said. Some "failed economies may bring down the whole EU with them," he said, without referring to specific EU nations. Turkey's banking sector has fared relatively well since the 2008 financial crisis. In 2010, the nation had a gross domestic product growth rate of over 8%, according to the CIA World FactBook.