The Turkish banking sector is undergoing a revolutionary transformation. For decades the playground of crooked bankers and the politicians and bureaucrats they funded, the sector is now being cleaned up.
Since 1999, when the IMF entered the scene, 20 banks have been seized and withdrawn from the market or sold. State banks, which served as private treasuries for politicians and their cronies, have been neutered.
A sector that had become almost as unlawful as the drugs trade is now effectively regulated and supervised.
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