Soaring bad debts sound alarm in Turkey
The deterioration in Turkey’s real economy is accelerating, with political uncertainty, early elections and bloody conflict with Kurdish militants taking their toll on the economy in general. Statistics by the Banks Association of Turkey Risk Center show a dramatic increase in both the number and value of bounced checks, especially in August, when the Kurdistan Workers Party stepped up its terror attacks. The problem seems to be particularly rife in the predominantly Kurdish provinces in the east and southeast, where since August 2014 the number and value of bounced checks increased by up to 115%, well above the national average, with local economies struggling amid the simmering unrest.
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