On April 2010, recently after the eruption of the Greek crisis, an unexpected hand from Turkey reached to Greece. Proud with his country’s last-decade growth figures, Turkey’s then Vice Prime Minister, Ali Babacan, paid a visit to Greece in order to share his country’s reform period after its 2000/1 crisis, arguing that it could also be a case study for Greece. In this brief, I analyzed Greek and Turkish financial crises. Although it is a mere fact that the structural problems in Greek economy complicate the reform period in Greece, there are certain lessons that Greeks can learn from the Turkish experience. As Turks did after 2001, they should see the crisis as an opportunity to overcome the long time problems. In this regard, Greeks - first and foremost - should establish consensus among themselves, signaling to the markets that they are ready to face the burdens of the reform period.
To read the whole Policy Brief by Onur Bayramoğlu click here.