Sunday, July 24, 2011

THE OUTLOOK: Turkey's Lessons For Greece On Fixing Fiscal Mess - WSJ.com

"THE OUTLOOK: Turkey's Lessons For Greece On Fixing Fiscal Mess

ISTANBUL (Dow Jones)--Why can't Greece be more like Turkey?

That is what Greek Prime Minister George Papandreou asked his country's legislators late last month as he tried to herd them into voting for an austerity package that was triggering riots.

Papandreou was referring to the success that Turkey had in donning a hair shirt and recovering from a financial crisis in 2001. Now Greece is being asked by creditors to take the same kinds of austerity measures--but whether Greeks will go the distance, and whether they can recover the way Turkey did remains unclear."

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