In January 1961, a few months after enduring its first military coup, Turkey received its first Inter-national Monetary Fund loan. Three more coups, at least three economic crises and 18 loans later, the beginning of the end of their long-standing relationship is in sight.

When negotiations begin in Washington this week on a successor to the current, 19th stand-by agreement, the government is expected to seek a less "orthodox deal". Analysts speculate that Ankara wants a "precautionary stand-by arrangement". This would allow for some IMF monitoring of fiscal policy and access to emergency funding but it would not include a guaranteed financing facility similar to the $10bn loan that was central to the expiring agreement.