A selection of tweets below that might give the reader some clues…
Erdoğan accuses foreign interests of waging trade war after lira goes into freefall
Global markets are braced for another hectic day of trading amid Turkey’s unfolding economic crisis after the country’s currency, the lira, plunged 20% to record lows on Friday.
Erdoğan or the central bank have days to prevent a tsunami of selling and a collapse of the lira
As the currency plunges holidays in Turkey get cheaper but markets fear of contagion
Turkey’s currency is in freefall, its exports face US sanctions, inflation is rising but its president is defiant. So what’s going on in the country with 80 million inhabitants that is a key Nato ally?
Pro-government Turkish TV station shuts off its exchange rates ticker. https://t.co/iHjj0mIVAP
— Ankaralı Jan (@06JAnk) August 12, 2018
All are on edge in Turkey bracing for worst tomorrow. Will the Turkish Lira continue to slide? Its at a critical stage+if it does not gain strength, the economy seems certain to crash–the current state seems unsustainable. Here are some everyday examples+numbers explaining why.
— Louis Fishman لوي فيشمان לואי פישמן (@Istanbultelaviv) August 12, 2018
https://twitter.com/BenjaminHarvey/status/1028689833236094976?s=03
TURKEY'S GARANTI BANK INFORMS CUSTOMERS OF SUSPENSION IN CHANGING LIRA TO USD, EUR, GBP pic.twitter.com/fA5It9fmC4 (via @evrenselgzt)
— Gregor Peter (@L0gg0l) August 12, 2018
For the last seven years, Tim Lee has been warning that a financial crisis in Turkey would set off a wider calamity in global markets. Just about nobody listened — until now. A plunge in the Turkish lira and the prospect that the country
Pro-government Turkish TV station shuts off its exchange rates ticker. https://t.co/iHjj0mIVAP
— Ankaralı Jan (@06JAnk) August 12, 2018
Turkey’s currency has plummeted as relations with the US have worsened
The Turkish president, Recep Tayyip Erdoğan, has repeated a call for Turks to sell dollars and euros to support the national currency, which has been in freefall over concerns about the economy and deteriorating ties with the US.
Discover more from Erkan's Field Diary
Subscribe to get the latest posts sent to your email.