The lira is falling, inflation is at 44 percent, and Turkey is on the verge of a debt crisis?
Almost 20 years ago, Tayyip Erdogan freed Turkey from the tight grip of the IMF by quickly repaying its loan. He steered the Turkish economy on a path of continued growth after a devastating crisis that wiped out its old political order. He was favored by the international conjuncture, because the monetary policy pursued by most Western economies...