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| The Grand Turk |
| Spengler: Erdogan's Flying Carpet Unravels |
| 2014-09-25 |
| Turkey's President Recep Tayyip Erdogan has a growing list of enemies. "Among his targets" at a recent address to a Turkish business group "were The New York Times, the Gezi events of 2013, credit rating agencies, the Hizmet movement, the Koc family and high interest rates," Zamanreported September 18. Erdogan earlier had threatened to expel rating agencies Moody's and Fitch from Turkey if they persisted in making negative comments about Turkey's credit. Turkey's financial position is one of the world's great financial mysteries, in fact, a uniquely opaque puzzle: the country has by far the biggest foreign financing requirement relative to GDP among all the world's large economies, yet the sources of its financing are impossible to trace. I have analyzed sovereign debt risk for three decades -- including stints as head of credit strategy at Credit Suisse and head of debt research at Bank of America -- and have never seen anything quite like this. |
| Posted by:g(r)omgoru |
| #2 The 'Koc family' is a Turkish business family, not to be confused with the evil Koch brothers. Although I'm sure someone will. |
| Posted by: Mullah Richard 2014-09-25 13:36 |
| #1 Argentina with a sugar daddy. |
| Posted by: phil_b 2014-09-25 12:11 |