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Turkey sovereign steels itself for 2014 after seeing off tough 2013

Turkey’s sovereign borrower has certainly had smoother years in the debt capital markets. In 2013, a combination of US Federal Reserve tapering fears and widespread protests at home regarding civil liberties flung the spreads of the country’s carefully managed bond curves wider. The turmoil jolted investors’ faith in the country and shone a spotlight on its large $60bn current account deficit and over $160bn of short term debt.

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