Tenderly international

It has to happen sooner or later. One of the financial world’s longest-running unrequited courtships appears to be heading for consummation this month. Turkey and the International Monetary Fund (IMF) have been through a series of flirtations and lovers’ tiffs since the dying months of 2008, when it became clear the Ankara economy was being dealt a pummeling as the financial system of the West fell apart. Already saddled with an uncomfortably large budget deficit, Turkey’s problems began to accelerate as its exports slumped, especially exports of motor cars and consumer durables like fridges and washing machines. The numbers for the last quarter of 2008 and the first few months of this year make for grim reading. The overall economy shrank 6.2 percent between October and December as unemployment headed in the opposite direction, hitting just over 15 percent by the end of February. Concerns about refinancing foreign currency denominated