The effects of the American embargo implemented after the Cyprus Peace Operation on the Turkish economy

Cyprus, which is of great importance in terms of its dominance in the Mediterranean region, has been the center of attention of many states throughout history and therefore has led to conflicts. The dream of Greece to establish the Hellenic Empire mobilized the Greeks living on the island and initiated the massacre attempts against the Turks. In 1974, Turkey organized the Cyprus Peace Operation in order to maintain its domination on the island and to end the tension between Greeks and Turks. With the use of weapons supplied by the USA in the operation, it was justified that this situation was contrary to the Foreign Aid Law signed in 1961 and a weapon embargo decision was taken against Turkey. The interruption of the defense industry needs provided by the US aid with the embargo revealed Turkey's absolute dependence and had a negative impact on the newly developing Turkish economy. In this study, political developments regarding Cyprus, foreign dependency in the Turkish economy as a result of the aid provided by the USA after World War II and the economic crisis that emerged within the scope of the embargo are emphasized. The aim of the study is to reveal the developments in the Turkish economy with the embargo applied by the USA and to contribute to the studies in this field.