S&P: Turkey most vulnerable to capital outflows.

By bne IntelliNews March 1, 2012
Standard & Poors (S&P) said it constructed a new index, namely Emerging Europe Sensitivity Index, measuring the relative vulnerability of emerging European countries to disruptions in capital inflows and it assessed 19 non-eurozone countries, including Turkey. Standard & Poors said that despite the rebalancing achieved so far, the renewed deleveraging of the Eurozone financial sector could trigger destabilising capital inflows from many emerging European economies with negative knock-on effects on growth and public finance. S&P singles out Turkey as being the most vulnerable to sudden financial account outflows and external refinancing risks. S&P argues that the most obvious side effect of Turkeys credit boom has been the rapid widening of the CA deficit in 2010, which was instigated also by higher oil prices.

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