"Potentially long recession seen by U.S. Bank exec
The world is facing 'a high probability of a deep and prolonged recession,' with the most pronounced effects felt in industrialized countries, U.S. Bank Vice President John K. Walsh said Friday.
....Turkey's economy was a bright spot, rebounding strongly from a banking crisis in 2001 by instituting new regulations and better credit-management systems, Walsh said. But the government relies on short-term capital inflows, which are drying up in the credit crunch. Consumer and business confidence in Turkey is falling."
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