"Notes on the Recent Developments of Turkish Economy
Mustafa Kutlay
Thursday , 17 April 2008
The world is experiencing interesting and turbulent times. The mortgage crisis emerged in the US at the middle of 2006 has turned out to be an almost full-pledged financial crisis since some banks have already declared bankruptcy. The British government has recently nationalized one of the biggest banks in England due to mortgage crisis that it had plunged into. It aroused the attention and concern of the world, since none of the governments in England has performed nationalization applications for more than two decades. Notwithstanding Gordon Brown, the Prime Minister of UK, declared it is a temporary pre-caution by saying “we want to get the bank back into private ownership after a temporary period of time [which] will depend on how the markets recover''[i], it did not calm down the markets, and depositors."
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