Skip to main content

Why does Turkey suddenly need so many bankruptcy trustees?

Turkish President Recep Tayyip Erdogan's battle against the Gulen movement is making some people very rich — and bankrupting others.
Finansbank headquarters is seen between Tekfen (2nd L) and Sapphire (R) towers in Istanbul, Turkey, June 9, 2016. REUTERS/Murad Sezer - RTSGPQH
Read in 

Thousands of young people among Turkey's 3.2 million unemployed are dreaming of getting a government appointment as a bankruptcy trustee. Since October, thousands of people have Googled the question “How can I become a trustee?” That in itself is enough to illustrate Turkey's economic problems — not to mention the unusual wave of bankruptcies the government has been involved in.

Turkey's economy has been shrinking for two years. The gross domestic product, which was $823 billion in 2013, was down to $720 billion at the end of last year. Turkey, which had the 17th-largest economy of the world, as of last year dropped to No. 19. Economic data for the first five months of 2016 are not all that promising, either.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.