June 2020

A crisis is a situation in which the usual solutions are no longer valid. Every crisis represents an unstable situation with sudden and decisive changes. The Chinese curse those they are angry with by saying “may God leave you in an uncertain situation”. From the 1990s to the present day, crises stemming from the Gulf War in 1991, the current account deficit in 1994 and 1998, the earthquake in 1999 and the collapse of the banking system in 2001 have caused serious disruption to business life in Turkey and disrupted the distribution of wealth to society. Turkey has experienced uncertainty five times in the last seventeen years. Therefore, in the last quarter of 2008, we have been inoculated, in a sense, to the uncertainty caused by external causes and which has engulfed us. Any crisis is the result of mismanagement and is essentially a correction. This is why our banking system, unlike its counterparts in the US and Europe, entered the last crisis in a strong position.