Defiant Turkey faces up to the crisis

The Turkish trade finance market is facing a problem familiar across the globe: a lack of affordable short-term financing. With the country far better equipped to deal with this economic downturn following its 2001 banking crisis, the hikes in pricing on trade deals are no longer reflecting the real risks of doing business in Turkey, writes Rebecca Spong.

Turkey offers a country risk profile of a developed country but with emerging market growth,” remarked Mehmet Simsek, Turkey’s minister of economy, at a press briefing in mid-October at the British-Turkish Chamber of Commerce’s offices in London.