The Risks of Refinancing in Turkey

In Turkey, despite the fact that there's certainly similar pressures in terms of funding costs on international bond markets, we don't expect to see the same kind of challenges in terms of refinancing. We've seen banks in Turkey have generally improved their funding liquidity profiles. In recent years, we've seen them establish well-hudged effects positions and they've also reduced their short-term external debt buttons. I think the big risk for Turkey is unsurprisingly the sovereign.