Will it will it now? Sign an agreement with the IMF, that is. BTW, I would be really really surprised if Turkey did qualify for the flexible credit line.
Learning from crises in exporting: I wonder whether this would hold empirically i.e. whether exporters in countries recently exposed to a crisis do better in this global recession compared to peers.
The Treasury cash budget posted a surplus in April of TRY 0.8bn. While this looks well compared to April 08's deficit of TRY 0.4bn, a deeper look reveals that a shift in tax revenues is behind the large difference. It is therefore much better to look at the deficit year to date, and once you do that, with a deficit of TRY 1.4bn compared to last year's surplus of 7.7bn, fiscal performance does not seem so healthy any more.
So, it is the Fund that is undecided, or so we are told.
Current account is down, but external financing gap not as much- I'll come to this as a follow-up to today's Hurriyet column later on.
Learning from crises in exporting: I wonder whether this would hold empirically i.e. whether exporters in countries recently exposed to a crisis do better in this global recession compared to peers.
The Treasury cash budget posted a surplus in April of TRY 0.8bn. While this looks well compared to April 08's deficit of TRY 0.4bn, a deeper look reveals that a shift in tax revenues is behind the large difference. It is therefore much better to look at the deficit year to date, and once you do that, with a deficit of TRY 1.4bn compared to last year's surplus of 7.7bn, fiscal performance does not seem so healthy any more.
So, it is the Fund that is undecided, or so we are told.
Current account is down, but external financing gap not as much- I'll come to this as a follow-up to today's Hurriyet column later on.
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