Monday, June 20, 2011

Will Turkey go broke?

Amidst all the enthusiasm about Turkey's economic success it is good to read the recent article in Business week about it (Turkey's Moment).

The article is rather short on figures but it creates the impression that with its large account of payments deficit and its huge influx of money it looks a lot like South East Asia at the eve of the 1997 crisis.

It would be bad for the Balkans if after Greece also Turkey falls into a crisis. But at least for the moment Turkey is still very confident.

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