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January 12, 2012       Share:    

Source: http://www.atimes.com/atimes/Middle_East/NA10Ak01.html

Recall Notice for the Turkish Model

(Asia Times-Hong Kong) Spengler - If you had invested in the Turkish model of Islamic government (that is, in the Turkish stock market) at the outbreak of the Arab revolts, you would have lost about half your money. If you leave your money in Turkey, you probably will lose the rest of it. Turkey is not a model. It is a bubble, and it is bursting, starting with the stock market and national currency. Encouraged by the central bank, Turkish banks increased their lending at a 40% annual rate in 2009 and 2010, financing a flood of imports. Turkey's trade deficit ballooned to a tenth of its total output - as bad as that of Greece or Portugal.

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