THE NUMBERS seemed too good to be true(好得令人难以置信). Dozens of investment funds—and the financial groups behind them—posted spectacular(惊人的；壮观的) returns, propelling(推动；驱使) Turkey’s stock market to record highs. One asset manager, Tera, saw its main fund soar(暴涨；飙升) by over 60,000% in only three years. Another financial firm, Destek Finans Faktoring, became Turkey’s second-biggest listed company barely 17 months after going public(上市；公开募股), as its share price rose by 7,000%.
这些数字好得令人难以置信。数十只投资基金——以及它们背后的金融集团——公布了惊人的回报率，推动土耳其股市创下历史新高。资产管理公司Tera旗下主基金仅用三年就暴涨逾60000%。另一家金融公司Destek Finans Faktoring上市仅17个月，股价上涨7000%，一跃成为土耳其第二大上市公司。
Now the bubble has burst(泡沫破裂). First, Tera and several other asset managers failed to pay investors seeking to cash out(变现；赎回). Then details emerged of what one official called “Ponzi-like” schemes some other firms are alleged to have run. Turkey’s main stock-market index fell by over 5% on September 16th. In only two days the scandal wiped(抹去；蒸发) some $30bn from the market (see chart).
如今泡沫已经破裂。先是Tera和其他几家资产管理公司无法向寻求赎回的投资者兑付。随后，一些公司涉嫌运营被一位官员称为“庞氏骗局式”计划的细节浮出水面。9月16日，土耳其主要股指下跌超过5%。短短两天，这起丑闻就让市场蒸发了约300亿美元（见图表）。
To mop up the mess(收拾残局), Turkey’s market regulator has moved to liquidate(清盘；清算) 131 investment funds. They are estimated to hold roughly $18bn in assets between them. At least 450,000 investors are now bracing for(准备迎接（困难）) a painful haircut(（投资）损失；削发) and a long wait for whatever money remains. Some of the people behind the schemes may be facing prison terms. Police have already rounded up(逮捕；围捕) scores of(数十；许多) finance bosses, including Tera’s chairman, on suspicion of market fraud. Others have had their assets frozen.
为了收拾残局，土耳其市场监管机构已着手清盘131只投资基金。据估计，这些基金合计持有约180亿美元资产。至少45万投资者正准备承受痛苦的损失，并漫长等待剩余资金的返还。一些幕后策划者可能面临牢狱之灾。警方已以涉嫌市场欺诈为由逮捕了数十名金融高管，包括Tera的董事长。其他人的资产已被冻结。