How Turkey Created a Debt Crisis
Everybody has a bankruptcy story, says Cem Sari, who’s just lived through his own version, in a year that turned into a national trauma.
Turkey’s economy roared into 2018 with growth rates that were the envy of the world and vulnerabilities that had been building over years.
It was like a car that could still reach high speeds, so long as the driver ignored the multiple warning lights flashing on the dashboard.
And then it crashed, suffering a classic run on its currency and a brutal credit crunch.
Somewhere along the way, Sari’s textile business went under, along with hundreds of other companies. Many more, including some of the country’s biggest corporate names, are still struggling to contain the fallout.
The government and banks are still figuring out how to ...
