REUTERS/Murad Sezer
Turkish financial markets have remained stable in the past few days, despite news that there will not be a new IMF standby accord. Expectations of a deal had been helping maintain confidence in the economy in the face of difficulties linked to the global economic and financial crisis. Lack of an accord has increased the risks to the incipient economic recovery and they are likely to persist well into 2011 at least. Avoiding them will depend on global financial and economic conditions, and on the government adhering to its fiscal promises.
