Turkey’s Meltdown

Anonymous expert compilation, analysis, and reporting.

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This is so sad to watch. Fault almost exclusively lies with Erdogan and his fervent supporters – self-interest is not a substitute for national interest in policy and planning.

Turkey’s Erdogan dismisses lira fears, says ‘we have our God’ | Reuters

Turkish President Tayyip Erdogan has dismissed concerns over the tumbling lira, calling on Turks to “have no worries”, after the currency hit record lows in recent weeks on the back of a widening rift with the United States.

Turkish President Erdogan invokes God in speech about tumbling lira | The Express Tribune

Unorth­odox approa­ch to curren­cy crisis has unnerv­ed invest­ors, accord­ing to report­s

TASS: World – Erdogan says attempts to exert economic pressure on Turkey futile

The Turkish lira fell against the US dollar due to mounting tensions between Turkey and the US

The lira’s freefall: How much lower can it go? | Ahval

U.S. sanctions against Turkey in response to its ongoing detention of American pastor Andrew Brunson are, in principle, only the tip of the iceberg. Potentially more damaging sanctions could be just around the corner and other economic factors are contributing to the lira’s free fall.

Stocks dive, euro falls, as Turkey turmoil ripples out | Reuters

A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and U.S. government bonds.

Lira hits all-time low as Erdogan tells Turks ‘they have their dollar, we have our god’

Turkey’s economic pressure is rising under the threat of US sanctions.

Stocks Fall With Euro on Turkey Contagion Concern: Markets Wrap – Bloomberg

European stocks fell the most in almost a month, following shares lower in Asia, as concern emerged that Turkey’s economic problems will spill over into the euro zone. The common currency sank, while the dollar advanced alongside Treasuries.

Turkish Crisis Rattles Currency Markets; Dollar Hits One-Year High – WSJ

The Turkish lira tumbled as much as 12% against the U.S. dollar, which rose to its strongest point in a year, as concerns about the health of Turkey’s financial system rippled through global markets.

European stocks tumble as ECB raises questions about Turkey contagion – MarketWatch

European stocks are knocked sharply lower Friday as worries about spillover effects from an escalating financial crisis in Turkey hit.

Turkey on the Economic Brink, Explained in a Dozen Charts – WSJ

Investors fear Turkey is teetering on the edge of financial crisis as the country, caught in a storm of U.S. sanctions against its officials and unorthodox economic policies, is further buffeted by a strengthening dollar and higher U.S. interest rates.

Turkish lira sinks to an all-time low amid tensions between Washington and Ankara | Markets Insider

The lira hit a record low against the dollar on Thursday. Talks in Washington failed to deescalate tensions between the US and Turkey that had arisen over…

Turkish lira plunges 13% to record low against dollar

The Turkish lira plummeted as much as 13% against the dollar on Friday, deepening worries about the country’s economic stability.

Turkey’s Problems Run Beyond the Central Bank – WSJ

What can stop the Turkish market tailspin? One suggestion is the Turkish central bank should deliver a knockout rate increase, having failed to do enough so far. But Turkey’s problems run deeper.

FTSE 100 pulled down as Turkey contagion concerns grow – MarketWatch

U.K. stocks trade solidly lower on Friday, dragged down alongside the broader European equity market, on mounting concerns that Turkey’s currency crisis will hurt eurozone banks, but London’s blue-chips market is on course to finish slightly higher for the week.

U.S. Dollar Higher On Geopolitical Tensions – WSJ

The U.S. currency rose sharply against those including the Russian ruble and Turkish lira Thursday.

Turkey’s currency nosedives on economic concerns, US dispute – Moneycontrol.com

The lira hit a record low of 6.24 per dollar on Friday, before recovering to 5.94, down 7 percent on the day. The currency has fallen 66 percent since the start of the year.

If Turkey implodes, here’s who else gets hurt

With financial turmoil in Turkey roiling the country’s assets, analysts are busy contemplating which other countries could be exposed and what this could mean for international investors.

The Only Turkish Leader Who Matters Is Defiant Over Market Rout – Bloomberg

Rarely a day goes by without Turkish President Recep Tayyip Erdogan addressing his nation. His silence during this week’s market bloodbath was remarkable and so was his message when he finally resurfaced.

U.S.-Turkey Relations Will Never Be the Same – Bloomberg

Escalating tensions might simmer down, but we’re past the point of pretending these two governments’ values are compatible.

Turkish lawyers want to raid İncirlik Air Base and arrest U.S. Air Force officers

A group of pro-government Turkish lawyers have filed charges against U.S. military officers associated with İncirlik Air Base based on allegations that they are connected to a movement that attempted a coup d’état against Turkey’s government in July 2016.

Turkey is Gassing Up. What Does This Mean for the Regions It Straddles?

Editor’s Note: This is the fourth installment of a special series in collaboration with the Foreign Policy Research Institute, “Black Sea’s Back.”

Mainstream Turkish media turn blind eye to country’s worst currency crisis

Although Turkey is suffering one of the worst currency crises in its history, no single mainstream Turkish media outlet has covered the development.