Anonymous expert compilation, analysis, and reporting.
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.
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.
Unorthodox approach to currency crisis has unnerved investors, according to reports
The Turkish lira fell against the US dollar due to mounting tensions between Turkey and the US
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.
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.
Turkey’s economic pressure is rising under the threat of US sanctions.
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.
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 are knocked sharply lower Friday as worries about spillover effects from an escalating financial crisis in Turkey hit.
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.
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…
The Turkish lira plummeted as much as 13% against the dollar on Friday, deepening worries about the country’s economic stability.
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.
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.
The U.S. currency rose sharply against those including the Russian ruble and Turkish lira Thursday.
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.
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.
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.
Escalating tensions might simmer down, but we’re past the point of pretending these two governments’ values are compatible.
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.
Editor’s Note: This is the fourth installment of a special series in collaboration with the Foreign Policy Research Institute, “Black Sea’s Back.”
Although Turkey is suffering one of the worst currency crises in its history, no single mainstream Turkish media outlet has covered the development.