Turkey’s lending boom still booming
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The court case over the nomination of Abdullah Gul as president brought demonstrations |
NORMALLY WHEN A country issues improving economic data, it expects to see a positive reaction from the markets and from the rating agencies. So when Turkey revised its GDP numbers up by almost 32%, it might have been expected that it would have been reflected in improved sentiment towards the country. However, Standard & Poor’s took a contrary view and downgraded its outlook on Turkey from stable to negative.
Farouk Soussa, S&P’s credit analyst covering Turkey, said there were strong factors behind the decision.
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