With the European Central Bank’s long-term refinancing operation running out of steam and Greek politics dragging the eurozone into new turmoil, EU policymakers and banking executives might have too much trouble on the domestic front to ponder what is happening elsewhere. However, the eurozone crisis is having a profound effect on Turkey’s banking sector, known for its high growth potential, strong fundamentals and iron-fisted regulators.
The first sign came in October 2011 when French-Belgian lender Dexia put Denizbank, its profitable Turkish retail bank, up for sale.
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