Economy, “Burnt by the Sun”?

TURKEY - Report 30 Dec 2013 by Murat Ucer
Executive Summary The vulnerable mix of a high external financing requirement and a daring monetary policy experimentation has coincided with a political shock of historic proportions, leading to mayhem in Turkish markets in the last two weeks of the year. We take stock of the damage so far, and share some quick thoughts on where we may be heading and what the government/CBT can do to stop it. Our thoughts are inevitably inconclusive, since the events are still unfolding at a dizzying speed. We can think of two ways out of the quagmire, as obvious as they may sound: a political truce and a ...

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