G L O B A L
D E V E L O P M E N T
F I N A N C E
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the underlying disequilibrium in the external sector. The Dresdner deposits constituted short-term foreign loans, and therefore the maturity of Turkey’s external indebtedness became increasingly short term as the decade progressed, despite earlier rescheduling intended to spread out debt servicing over time. The scheme was withdrawn for a few years, but reintroduced recently. At the end of 2001, such deposits by Turks living in Europe amounted to $10 billion. See Barth and Hemphill (2000).
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