The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Success eludes the victors

The AKP’s hefty majority in Turkey’s November elections looked promising but indecision has taken a hold on the new government, not least in its commitment to the discipline required by the IMF.

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. Lack of focus and coordination are [its] characteristics."

Vogel made this assessment in a report after a week-long visit to Turkey last month. "We arrived in Ankara with questions about the government's stance," he wrote, "and we left with the same ones."

The question is are these failings a temporary affliction or is this as good as the AKP government will get?

"I have never seen a new government run out of capital so quickly," says a European banker.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree