British columnist: "Turkey i now more creditworthy than New York city"

Now that Western leaders have racked up monstrous debts, the markets have concluded that the Turkish government is more creditworthy than New York City, wrote financial commentator Liam Halligan in British daily the Telegraph today. According to Halligan, even as the advanced industrialized economies are in dire straits, many of the emerging markets are doing very well. "While the Western world screams, most of the populous, industrializing nations of the East are still expanding at a fair old clip," he wrote.