1、Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20842March 13, 2001Turkey: Financial Crises in Contextnae redactedSpecialist in Middle Eastern AffairsForeign Affairs, Defense, and Trade DivisionSummaryIn December 1999, with Inte
2、rnational Monetary Fund support, Turkey launched amajor economic reform program intended to cure chronic inflation. Its main elementswere a crawling exchange rate peg, structural reforms, and privatization. Some progresswas made in 2000, but implementation was uneven. A severe liquidity crisis in la
3、teNovember 2000 required a new IMF loan. On February 22, 2001, after a second crisis,Turkey abandoned the currency peg and, with it, the program. Analysts concur thatstabilization, privatization, and banking reform are still needed, but Turkeys statistideology and divided coalition government may co
4、ntinue to undermine the prospects forradical change in economic policy. Neither the government nor individual ministers havetaken responsibility for the crises, yet there may be no alternative to the currentgovernment under present circumstances. The crises set back Turkeys hope to complywith econom
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