Government To Maintain Budgetary Discipline

BMI View: At the heart of Turkey's economic stability since 2001 has been consistent fiscal prudence. Fears of spending over-runs throughout this period have been confounded by strong political commitment - abetted by IMF arm-twisting - to the policy; itself a recognition that any slippage would trigger an outflow of portfolio capital and a new currency crisis. The latest budget broadly follows these principles and we see only moderate risks to fiscal targets over the medium term, in spite of the electoral

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