A central problem of the Turkish economy is the burden of the debt service which has reached over 122% of the consolidated budget expenditures and the consequences deriving thereof. This article identifies the roots of the problem; describes how and why it arose; ciaborates on its social, political and economic consequences and delves in detail into the major factor which had caused the problem in the first place and which continues to exacerbate it today, namely, massive tax-evasion by non-farm proprietors who, in their income-tax-returns, fraudulently claim to have made only about 10% or less of what their true before-tax incomes are. The author also delicates the calculations of the present and past political leaders who have proved unwilling to take this vital problem by the horns and provides an analysis showing why and how the said calculations have historically proven inauspicious and misguided.
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