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Turkey must act soon to keep investor trust
09 August 2013
Simon Hardie discovers whether the recent volatility in Turkish capital markets following nationwide protests indicate a return to the country’s past instability
On a predictably balmy Istanbul day in early June, a young graffiti painter was patiently spelling out the words “dream is over” next to a burnt-out, upturned police car on a pavement near Taksim’s Gezi Park, the centre of the protests that started at the end of May this year.
Excepting the country’s weakness for dramatisation – as any viewer of the country’s latest export darling, soap operas, will understand – the graffiti artist’s sentiment is certainly a reflection that the illusion of a moderately islamist, but ultimately pragmatic government, tolerant to those with differing opinions had largely been shattered.
The volatility in Turkey’s capital markets since the start of protests in Istanbul at the end of May has raised the spectre of a return to the country’s past form as a hotbed of political and economic instability.
Given how much the Turkish economy has advanced...
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