We are standing in front of La Scala restaurant in Milan, engulfed in heat and a sense of failure, waiting for the limousines which will take us to the airport. Our little group includes bankers from Garanti Securities and Merrill Lynch and three of the four king-pins of Turkey’s financial bureaucracy: treasury under-secretary Selcuk Demiralp, central bank governor Gazi Ercel and Istanbul Stock Exchange chairman Osman Birsen. The fourth, Privatization Administration chairman Ugur Bayar, will join us in London, which is our next port of call.
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