Turkey: A Country Study
Domestic industries also lost ground in export markets because of increases in the cost of raw materials and energy. Turkey's trade deficit reached US$4 billion in 1977, contributing to a balance of payments deficit nearly five times the 1974 level. Becoming skeptical of Turkey's ability to repay existing debts, a number of foreign creditors refused to extend further loans. As a result, the country virtually ran out of foreign exchange to meet its immediate commitments and was faced with national bankruptcy, which was averted only when the Central Bank intervened by suspending payments for many imports and, in effect, forced credit from foreign exporters.
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