This post already appeared in the blog yesterday; Roubini Global Economics Emerging Markets EconoMonitor is just republishing it, but I just wanted to cross-link for the readers who might have missed it the first time around...
BTW, special thanks to the three friends I exchanged emails with over the course of the past couple of days on this issue; their comments/thoughts were instrumental in this article...
And just to recap, I wrote on this topic in Hurriyet last week. There is also an addendum in the blog...
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