The Turkish government will not be rushed. In 1990, it privatised a grand total of 1.8% of Turkish Airlines, the national flag carrier. Having dipped its toe in the murky waters of the public markets, investors doubtless expected Turkey to follow the global craze for airline privatisation and sell the rest.

After all, there are few governments that can resist an easy opportunity to swell the coffers. But Turkey would not budge. For 14 years, the airline's free float remained at a paltry sub-2% level.