Dr. David A. Grigorian
In the aftermath of the 50th anniversary of Turkey’s invasion of Cyprus it is crucial to re-examine the policies that have allowed Turkey to act with impunity not just in relation to Cyprus, but more broadly. Turkey’s more recent malign activities across the greater Middle East and overtures toward Russia and Iran in my view make such an inquiry a necessary undertaking.
The core of the problem may be in the mindset of policymakers in Washington, which was eloquently—if only a bit frivolously—described by a former U.S. Ambassador to Turkey, Eric Edelman at a recent event at the Foundation for Defense of Democracies on Turkey.
In his remarks, Ambassador Edelman described Turkey as “too big to fail”, an idiom often used in the context of financial institutions, particularly banks, emphasizing the implicit insurance granted to large banks by financial regulators and supervisors, adversely affecting banks’ behavior. I realized after the event that such a mindset—drawing a parallel between banks and sovereign states—may inadvertently exaggerate the “too big to fail” problem in finance and beyond.
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