|
The Turkish government's mettle will be tested in the next few months as it tries to implement austerity plans to resolve the country's gravest economic crisis in two decades. The economy is set to contract after a 50 % currency devaluation and a surge in interest rates. The government's ability to contain double digit inflation and spiraling public sector debt has come into question. Western bankers have reduced their lending to the country and the Istanbul stock exchange has lost nearly 70% in dollar terms.
|
