"Doing it by the book
The economy has had a big boost from much sounder management
Oct 21st 2010
CONTRARY to popular belief, countries do learn from financial crises. After a wretched 1990s Turkey suffered an economic meltdown in 2000-01. GDP shrank by almost 6%, the lira collapsed, most of the banks had to be rescued and the IMF was called in (again). Since the cost of rescuing the banks amounted to almost one-third of GDP, the public debt shot up from around 38% to 74% of national income. The experience was painful, but at least it left Turkey better prepared than other countries when the next crisis struck seven years later."
More:A special report on Turkey: Doing it by the book | The Economist
