Financial Times FT.com

Istanbul’s optimism wearing thin

By Delphine Strauss in Ankara

Published: November 16 2008 21:10 | Last updated: November 16 2008 21:10

Turkish bankers are more familiar with the convulsions in global finance than most.

In 2001 some two-fifths of the country’s banks failed after a spree of irresponsible, sometimes corrupt, lending. Rescuing and recapitalising these institutions cost a crippling 30 per cent of gross domestic product and plunged the economy into deep recession.

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