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Country report: Turkey
18 December 2009
With strong levels of economic growth, a healthy banking sector and continuing foreign investment Dickon Harris examines Europe’s surprise winner of the crisis: Turkey.
Read more:
Turkey trade finance
Turkish trade finance banks
Turkey risk
Once considered the economic underdog of Europe, Turkey has silenced its critics this year with impressive levels of growth that have been the envy of its European neighbours. As Trade Finance goes to press Turkish bankers have been celebrating as ratings agency
Fitch upgraded the country by two notches to BB+ from BB-, making Turkey just shy of investment grade status. Among other factors Fitch praised Turkey’s resilience to the global crisis and its ability to access credit markets. In addition, the common long-term complaints about Turkey including inflation and problems surrounding external financing, have eased.
Trade financiers have been quick to describe the country as a ‘safe harbour’ in a year dominated by restructurings, and limp syndications. But how has Turkey performed so well?
The primary reason is the strength of the Turkish banking sector. The reforms following the 2001 crisis aimed at reducing bank’s vulnerability to exchange...
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