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Public Borrowing From Ottoman State to Turkey; Restricting the Borrowing, Fiscal Rules and Similar Practices



Borrowing, due to the lethargy it inflicts, is a phenomenon requiring constant planning. On the whole, borrowing is a process that ends up as either continuing the road as empowered or losing economic independence. The reference points of this process are borrowing conditions and controlling the borrowing.

Ottoman State as well as young Turkish Republic have experienced the bitter effects of borrowing and related expenses for the last 150 years. The most crucial element that can stop the bitter outcomes of borrowing is restricting the debts. Compared to Ottoman State, Turkish Republic has taken more realistic decisions in debt restrictions.


Borrowing, External Debt, Internal Debt, Restricting the Debts.

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