2011 was meant to be Turkey’s graduation year. In the optimistic scenario, a relatively calm general election (scheduled for June 12) was due to be followed by a series of ratings upgrades that would enable Turkey to finally fulfil its ambition of being an investment grade country. Running alongside this, it was hoped the domestic corporate bond market – in many ways still embryonic – would expand rapidly.
But external events have conspired once again against Turkey. When the turmoil in the Middl
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