These positive narratives for the Turkish market are now under threat. Turkey seems to have lost some of the ground made in terms of its commitment to transparency, which has presented itself alongside an increasingly mixed approach towards the EU from Ankara, with suggestions that Turkey may be starting to widen its outlook in terms of its alignment (The Economist “The battle for Turkey’s future”, 29 March 2014). Ankara can greatly benefit, both geo-strategically and with regard to encouraging investment, by maintaining good relations with actors from various alignments, but this will be less helpful if it is at the expense of its relations with the EU. The domestic upheaval of the past ten months resulted in an increase in rhetoric depicting Turkey as an authoritarian, oppressive state, an increase which most probably played a large part in the lira’s subsequent depreciation (see our earlier Bosphorus Consulting blog post). Moody’s justified its recent downgrade of Turkey’s outlook from “stable” to “negative” by noting the increased susceptibility to what Moody’s refers to as “event risks”. This suggests that a move away from the EU represents a risk to Turkish businesses with respect to their ability to engage with international customers and investment. As such, the onus appears to be increasingly on Turkey businesses to demonstrate to international investors the many valuable opportunities that many of the country’s ventures still represent.