During the 1990s, the Turkish economywas beset by frequent economic crises. Fiscal imbalances,high inflation rates, and the subsequent stop and goeconomic cycles hit the Turkish economy, slowing growth andplunging the country into recession. Spiraling debt andinterest payments coupled with failures in financial systemsresulted in significant financial crises in late 2000 andearly 2001. The Government of Turkey initiated a number ofeconomic reforms to contain spending, cut its deficit,reduce inflation, and provide a basis for renewed economicgrowth. The Government has mapped out a structural reformprogram encompassing measures to address the biggest sourcesof fiscal deficits, strengthen the legal and regulatoryframeworks, and accelerate the privatization of theremaining state enterprises. Reform of the Turkish StateRailways (TCDD) is one of the main targets for change. Overthe past few decades, TCDD has fallen into a financialcrisis from which it will not be able to emerge without adramatic restructuring of its governance and organization.TCDD operates the state railway, the seven largest ports,and manufactures and repairs locomotives, wagons andpassenger coaches. As an enterprise, TCDD is the largestmoney loser among Turkey’s public sector enterprises.
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