EXHIBIT M

                               REPUBLIC OF TURKEY
                                 PRIME MINISTRY
                        The Undersecretariat of Treasury
                        Office of the First Legal Advisor


The Republic of Turkey
Undersecretariat of Treasury
Ankara/TURKEY

                                                                   June 30, 2004


         Re:  The Republic of Turkey
              Registration Statement No. 333-112081
              -------------------------------------


Ladies and Gentlemen:

     I, First Legal Advisor, Undersecretariat of Treasury, Prime Ministry, the
Republic of Turkey, have reviewed the above-referenced Registration Statement
(the "Registration Statement"), the Prospectus dated February 18, 2004 (the
"Prospectus"), the Prospectus Supplement dated June 24, 2004 (the "Prospectus
Supplement"), the Fiscal Agency Agreement dated as of December 15, 1998, between
the Republic of Turkey (the "Republic") and JPMorgan Chase Bank, as amended by
Amendment No. 1 to the Fiscal Agency Agreement, dated as of September 17, 2003,
and Amendment No. 2 to the Fiscal Agency Agreement, dated as of January 7, 2004
(the "Fiscal Agency Agreement"), and the Underwriting Agreement dated June 24,
2004 (the "Underwriting Agreement") by and among the Republic and J.P. Morgan
Securities Inc., Lehman Brothers Inc. and the other underwriters set forth in
Schedule II to the Underwriting Agreement (the "Underwriters"), pursuant to
which the Republic has issued and offered for sale 9.0% Notes due June 30, 2011
in the aggregate principal amount of U.S.$750,000,000 (the "Notes").

     It is my opinion that the Notes have been duly authorized and when duly
executed and delivered by the Republic, authenticated in accordance with the
Fiscal Agency Agreement and delivered by and paid for in accordance with the
terms of the Underwriting Agreement, will constitute valid and legally binding
obligations of the Republic under and with respect to the present laws of the
Republic.



     I consent to the filing of this opinion as an exhibit to the Annual Report
of the Republic of Turkey on Form 18-K and to the use of my name and the making
of statements with respect to me which are set forth under the caption "Validity
of the Securities" in the Prospectus forming a part of the Registration
Statement, and appearing under the caption "Legal Matters" in the Prospectus
Supplement forming a part of the Registration Statement.


                                            Very truly yours,


                                             /s/ Ismet CEBI
                                             -----------------------------
                                             First Legal Adviser
                                             Undersecretariat of Treasury,
                                             Prime Ministry
                                             The Republic of Turkey