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Abdullah Gul |
TURKEY’S LIBERAL ISLAMIST government was only elected in November but it has already disappointed the markets because of its perceived lack of direction, coordination and skill.
Tayyip Erdogan’s Justice and Development Party (AKP) won control of nearly 70% of the seats in the Meclis (national assembly) but has often behaved as if it were a novice coalition.
Matthew Vogel, head of emerging markets strategy at Barclays Capital Research, summed up the market verdict when he wrote that “across foreign and economic policy matters [the Turkish government has] been unable to provide clear answers on a number of critical issues.
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