On the brink again

摘要

To see how Turkey's national mood has swung from elation to despair over the past year, look no further than the Istanbul stockmarket. Throughout 1999 and early 2000 the main market index rose by a dizzying 650%, buoyed by hopes that Turkey would finally get a stable government that would get the country's chronic inflation, big budget deficits and sky-high interest rates under control. The dream seemed to be coming true: an unlikely but durable three-party coalition took office, drew up a disinflation programme with the IMF, became a candidate to join the European Union and set about all manner of reforms with zeal.