T\u00fcrkiye\u2019nin d\u0131\u015f bor\u00e7 stoku ge\u00e7en eyl\u00fcl ay\u0131 sonu itibar\u0131yla, 310 milyar dolara yakla\u015ft\u0131. 2011 y\u0131l sonunda milli gelirin yar\u0131s\u0131na yakla\u015facak. Bu rakamlar eskiden daha dikkatle izlenirdi. Geli\u015fmeler ekonomideki konjonkt\u00fcre ba\u011fl\u0131 olarak yorumlan\u0131r, olas\u0131 etkiler tart\u0131\u015f\u0131l\u0131rd\u0131. Bunun bir nedeni o y\u0131llarda borcun \u00e7o\u011funlu\u011funun kamuya ait olmas\u0131yd\u0131. Hazine\u2019nin, K\u0130T\u2019lerin ne kadar ve neden bor\u00e7land\u0131\u011f\u0131 hakk\u0131nda g\u00f6r\u00fc\u015f belirtmek, ele\u015ftiriler yapmak, biraz da siyaset i\u00e7erdi\u011fi i\u00e7in, sevilen ba\u015fl\u0131kt\u0131. Son y\u0131llarda, \u00f6zellikle 2009 K\u00fcresel Krizi sonras\u0131nda, \u00fclkenin toplam d\u0131\u015f bor\u00e7 rakamlar\u0131 yerine Merkez Bankas\u0131\u2019n\u0131n a\u00e7\u0131klad\u0131\u011f\u0131 k\u0131sa vadeli d\u0131\u015f bor\u00e7 verileri yak\u0131ndan izlenmeye ba\u015fland\u0131. Bu farkl\u0131la\u015fman\u0131n ekonomik izah\u0131 basit. Cari a\u00e7\u0131k rakamlar\u0131 \u00e7ok b\u00fcy\u00fcd\u00fc ve finansman\u0131nda k\u0131sa vadeli kaynak a\u011f\u0131rl\u0131kl\u0131 oldu. Tabloya bu \u00e7er\u00e7evede bak\u0131nca, en \u00e7ok bankalar\u0131n bor\u00e7lar\u0131ndaki h\u0131zl\u0131 y\u00fckseli\u015fler dikkat \u00e7ekiyor. 2002 y\u0131l\u0131ndan ge\u00e7en eyl\u00fcl ay\u0131na kadarki s\u00fcrede, sadece bir y\u0131ldan uzun vadeli bor\u00e7lar\u0131ndaki art\u0131\u015f oran\u0131 y\u00fczde 1.015 olmu\u015f. \u0130nan\u0131lmaz bir h\u0131z. Yan\u0131 s\u0131ra reel sekt\u00f6r\u00fcn d\u0131\u015f bor\u00e7lar\u0131 da art\u0131yor. Stok yakla\u015f\u0131k 115 milyar dolara \u00e7\u0131km\u0131\u015f. Kamunun d\u0131\u015f bor\u00e7lanmas\u0131nda tersi bir geli\u015fme s\u00f6z konusu. B\u00fcy\u00fcme o kadar h\u0131zl\u0131 de\u011fil. 2001 Krizi\u2019nin etkilerini atlat\u0131rken d\u0131\u015f bor\u00e7lanmaya da, \u00f6zellikle IMF ve D\u00fcnya Bankas\u0131\u2019ndan al\u0131nan bor\u00e7lara a\u011f\u0131rl\u0131k verilmi\u015fti.<\/p>