HAD YOU ATTENDED any Turkish investor presentation, government meeting or corporate conference in the past six months you would have heard a similar refrain: Turkey deserves an investment-grade rating. It is a coda slapped onto the end of every speech. "The markets are right and the agencies are wrong," everyone says. "Turkey is an investment-grade country."
It is the closest thing Turkey has to an economic national anthem. Everyone knows the words and the music is familiar to all. It is a brave person who would dare to suggest otherwise.
Although the merits of Turkey’s case suggest that upgrades to investment grade are likely in the second half of the year, some observers worry about what will happen then. Turkey needs to be careful what it wishes for – it might just come true.
Turkey has never had it so good. The trio of economic torments that have...
