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Turkey

Beware Of A Turkish Economic Bust In 2012. And Don't Blame It On Foreigners

Op-Ed: Turkey’s economy grew by 8% in the third quarter of 2011, the world's fastest growth rate after China. At the same time, however, its trade deficit is ballooning. A hard landing awaits. When it arrives, Turkish policy makers must accept re

Turkish lira
Turkish lira
Erdal Saglam

ISTANBUL -- Turkey's latest economic growth data may be robust, but it doesn't make me happy. I have said countless times that this unchecked rapid growth will cause problems further down the road. Even people who initially supported the breakneck growth rate are concerned by the latest figures. Finally, all are now openly discussing whether we will see negative growth in 2012.

It is clear that the economy will start to slow -- the only debate is how sharply. This is not just a domestic concern: international investors are also sounding the alarm bells and have stepped up their warnings, including a sharp piece in the Financial Times warning that Turkey could be in for a rough landing after its rapid growth.

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Mariateresa Fichele

Fifteen years ago, Francesco kept busy by scamming people. He was a regular visitor to the beaches of Terracina, south of Rome, where he was caught several times selling counterfeit Ray-Ban sunglasses. Then came the drugs, which fed a serious substance-induced psychosis and eventually he tested positive for HIV.

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