A senior Turkish banker, at breakfast in the courtyard of Istanbul’s most famous prison – now the Four Seasons Hotel – considers the banking sector’s addiction to the government securities market. “It’s like a Prozac pill,” he says, attacking a brioche in the brilliant October sunshine.
Even after depreciation against the dollar, three-month Turkish treasury bills can yield a 30% annual return. This has been going on since 1985, with a brief blip in 1994 when the lira fell 85.8%
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