, ILO, IMF, IMO,
Inmarsat, Intelsat, Interpol, IOC, IOM (observer), ISO, ITU, NACC,
NATO, NEA, OECD, OIC, OSCE, PCA, UN, UNCRO, UNCTAD, UNESCO, UNHCR,
UNIDO, UNIKOM, UNOMIG, UNRWA, UPU, WEU (associate), WFTU, WHO, WIPO,
WMO, WToO, WTrO

Diplomatic representation in US:
chief of mission: Ambassador Nuzhet KANDEMIR
chancery: 1714 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 659-8200
consulate(s) general: Chicago, Houston, Los Angeles, and New York

US diplomatic representation:
chief of mission: Ambassador Marc GROSSMAN
embassy: 110 Ataturk Boulevard, Ankara
mailing address: PSC 93, Box 5000, APO AE 09823
telephone: [90] (312) 468-6110
FAX: [90] (312) 467-0019
consulate(s) general: Istanbul
consulate(s): Adana

Flag: red with a vertical white crescent (the closed portion is
toward the hoist side) and white five-pointed star centered just
outside the crescent opening

Economy
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Economic overview: The Turkish economy consists of a mixture, on
the one hand, of modern industry and commerce, and, on the other
hand, of time-honored village agriculture and crafts. Since World
War II, it has become increasingly integrated into the West European
economic arena, for example, as a member of OECD. The economy has
improved significantly since the 1994 crisis, when the economy
experienced a sharp drop and inflation hit triple digits. The crisis
- sparked by the downgrading in January 1994 of Turkey's
international credit rating by two US rating agencies - stemmed from
years of loose monetary and fiscal policies that had exacerbated
inflation and allowed the public debt, money supply, and current
account deficit to explode. In April 1994, then Prime Minister
CILLER introduced a stabilization package that paved the way for a
$950 million IMF standby loan. However, because the government
missed key macroeconomic targets in 1995 and the December national
election produced months of political wrangling, the IMF put the
agreement - and release of remaining funds - on hold. The new
center-right minority government that finally has emerged will find
it difficult to balance the need for new austerity measures and
tough structural reforms with the pressure for continued buoyant
growth. Ankara is also likely to face internal opposition to
policies it must implement as part of the Turkey-EU customs union
agreement - which c