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Headline: How to engineer a financial gallows Source: Euromoney Date: April 2001 Author: Metin Munir Turkey’s idiosyncratic form of financial engineering involved the creation of a web of corruption linking the governing elite, through the state banks, to its cronies. The private banks fed well off the massive government debt this generated. Then, in February, they hit the wall in a liquidity crisis that lopped more than 30% off the value of the Turkish lira. | |||||||||||||||||||||||||||
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