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Best sovereign borrower - Emerging Europe


Once constantly in crisis, Turkey's economy in the past 18 months seems to have become stable, even predictable. "The challenge for Turkey has changed now, from crisis management to sustainable growth," says Peter Malik, head of debt capital markets at CSFB. "It's a question of continuing to do what they're already doing."

That means keeping the IMF programme on track, continuing to push the inflation rate down, maintaining fiscal discipline and putting in place the prerequisites for accession to the European Union.

But there's more to Turkey's economic prospects than EU aspirations.

"The strong macroeconomic fundamentals and prudent reform agenda are the most important factors for our performance ahead," says Memduh Aslan Akcay, director-general of foreign economic relations at the Turkish treasury in Ankara.

He adds: "Once the investors evaluate Turkey as a sound credit supported by its own solid dynamics, the relative importance of the EU process will diminish."

A Turkish success story in both 2004 and 2005 was the way the sovereign dealt with difficult issuing conditions by fulfilling two-thirds of its funding requirements in the first two months of the year.

In 2004 it issued $2.5

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