If you look at Turkey’s debt and trade balance numbers the real mystery is why their economy hasn’t collapsed already. Its going to happen eventually.
Years ago Erdogan created new banks on the justification that they would conform to Islamic law. These banks have been handing out money on generous terms for years, its only a matter of time until they collapse. Turkey itself has been running huge trade deficits and their currency is bound to collapse. If you look at the numbers the miracle is it hasn’t already happened.
Columnist “Spengler” over at atimes.com wrote a few articles on the Turkish economy. Pretty much what you said.
I have read that, I’m not familiar enough with such things to really understand how the internals of those evaluations work.