Is Turkey at risk of a 1997-8 Asian-style financial crisis? According to the numbers, yes 1/ nyti.ms/2m8q0Lg
According to World Bank numbers, Turkey has external debt of 48 percent of GDP and 210 percent of exports, mainly owed by private businesses, That's roughly comparable to Indonesia in 1996 2/
In Indonesia's case, a collapse of confidence led to a self-reinforcing currency plunge kansascityfed.org/publicat/sympo… 3/ 
This currency plunge, with debt in foreign currency, led to a huge blowup of the debt/GDP ratio, from 58 percent in 1996 to 168 percent in 1998. Not saying this will necessarily happen, but Turkey definitely vulnerable to something like this 4/
