Word: turkishly
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Turkey has attracted a lot of attention lately thanks to a series of political crises--from armed forays into neighboring Iraq in pursuit of autonomy-seeking Kurdish militants to an atavistic attempt by Turkish prosecutors to ban the country's own ruling party. The political intrigue has created a speed bump--or maybe a stop sign--for an economy that had been striding with determination toward inclusion in the European Union and recharging its ancient trade links with the Middle East...
...foreign direct investment in the mainly Muslim but officially secular country of more than 70 million people, which has traditionally served as a crossroads between East and West, has jumped more than 30-fold, to about $22 billion. Investment in banks, retail and commercial real estate has risen sharply. Turkish businesses have been investing aggressively in oil-rich Russia and the Middle East. All told, an economy that was shrinking as recently as 2001 expanded more than 5% a year through last year...
...rattled markets. After tripling from 2002 through last November, Turkey's stock index has dropped 32%. The global credit crunch has not helped. The ratings agency Standard & Poor's in April cut Turkey's credit rating to negative from stable, citing a fraught political and global environment. "The Turkish economy is in a major transformation with high efficiency gains, whose impact will be even more evident in the next decade," asserts Suzan Sabanci, chairwoman of Akbank, Turkey's largest privately owned bank, and a scion of one of Turkey's wealthiest families. "Global events will have an influence...
...economics. Corruption, cronyism and protectionism continued to cloud prospects until the 1980s. Even then, after a period of economic liberalization under reformist Prime Minister Turgut Ozal (a pal of Margaret Thatcher's), the old habits died hard. In 2001, Turkey suffered a full-blown financial crisis in which the Turkish currency lost nearly 50% of its value overnight...
...more than 30 years. Gary Robb says the latest overtures don't worry him yet. Even allowing for an agreement, extradition proceedings could take years, his lawyers tell him. Robb dons a pair of rimless Ray Bans and stares out to sea. "As long as you're on Turkish Cyprus, there are no real problems," he says. And the weather is better than it would be in other possible hideouts. Minsk, anyone...