Turkey polls result not a disaster as feared

Istanbul

AS Turkey's ruling party faced losing its parliamentary majority, government officials had one resounding response: Remember what happened in the 1990s.

That era's bickering coalition parties stoked hyperinflation and rampant off-balance-sheet lending that culminated in the financial crisis of 2001. The prospect of another bout of coalition rule sent the lira to a record low the day after last Sunday's election, and bond yields soared.