Turkey's government, led by prime minister Tayyip Erdogan, is exploring alternatives to an IMF loan to finance its budget deficitFacing an exploding budget deficit and enormous domestic debts, the Turkish government continues to have a ravenous appetite for borrowing, but still wants to avoid funds from the IMF. Writer Metin Demirsar
Despite the downturn, share prices on the Istanbul Stock Exchange are soaring on the strength of the country's banks, as global liquidity and optimism return. Writer Metin Demirsar
Turkish banks, cushioned by regulations implemented in the wake of the country's financial crisis of 2001, have been largely sheltered from the recent global crisis and the majority of those listed in The Banker's 2009 rankings posted double-digit profit on capital. Writer Geraldine Lambe
The credit crunch may delay Turkey's extensive plans to upgrade power supplies and road networks, but it has certainly not derailed them. Writer Philip Alexander
Less than 10 years after one of the worst financial crises in Turkey's history - a crisis during which more than 20 banks were acquired by the state - Turkish banks appear to be weathering the international financial storm with remarkable resilience. Despite the global banking crisis, annual inflation of more than 10% and a 30% drop in the value of the Turkish lira against the US dollar, not one of Turkey's 11 largest banks made a loss in this year's Top 1000 ranking.
Leading in turbulent times: Hakan Eminsoy, CEO of ING Bank TurkeyDespite an adverse response from the bank's military depositors and a sharp recession in Turkey, ING Bank's CEO is planning for growth once the economy turns around. Writer Metin Demirsar
The full force of the global recession has hit Turkey with falls in exports leading to job cuts. Bankers say an IMF deal would help but the government is reluctant. Writer Metin Demirsar
Recep Tayyip Erdogan, prime minister of Turkey
The global recession is nothing new to Turkey's bankers, who have learnt the lessons of the country's economic crisis of 2001 and are showing great resilience as their global peers falter. Writer Metin Demirsar
Tanju Yüksel, Türkiye Vakiflar Bankasi TAO (Vakifbank)
Turkey is defying the onset of recession across Europe by reporting hefty profits and robust growth although foreign investment is getting harder to come by. Writer Metin Demirsar.
Mehmet Simsek, Turkey's economy minister
Despite an optimistic outlook on the banking sector in Turkey, political dilemmas and the global economic environment weigh heavy on the country. Stephen Timewell reports from Istanbul.
Turkeys banks prepare to navigate the storm of a pending global economic downturn, buttressed by a surge in foreign investment and a strong currency. Yet political uncertainties cloud the future, writes Metin Demirsar in Istanbul.
Kemal Unakitan, Turkeys finance minister and Karina Robinson
Kemal Unakitan preserved Turkeys public finances in 2007, despite turbulence in domestic politics and international markets. He wants to maintain momentum in 2008, he tells Philip Alexander.
Excess baggage: a growing number of NPLs to SMEs in Turkey is threatening to thwart the expansion plans of the country's banks
Unlikely allies: Turkey prime minister Recep Tayyip Erdogan (top) and Ersin Ozince, president of the Banks Association of Turkey, are united on the subject of Istanbul's IFC ambitions
