CAN THE TURKS REVIVE THEIR CAPITAL MARKETS?
In Istanbul, the commercial and financial hub of the Turkish Republic, the locals have a saying: while the capital, Ankara, proposes, Istanbul interprets — in its own way. This year, if the bankers of Istanbul have their way, the Turkish capital market will get the missing ingredient that many believe has impeded a more active market — the development of a large, liquid money market with the kind of instruments and innovations now much is vogue in the mainstream of financial development in other European centres.
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