Main elements of crisis remain unaddressed, with eventual bailout most probable outcome
Until reports came on Thursday night that the US was preparing to impose more sanctions, the Turkish government had had a decent few days. The currency crisis, which threatened to become chaotic on Monday, had improved. The lira had almost returned to its level of a week ago. During that time, the country had increased liquidity in its banking system, unveiled $15bn (£11.8bn) of direct investment from Qatar, announced a clampdown on short-sellers and on Thursday its finance minister, Berat Albayrak, talked the language of fiscal discipline on a phone call with investors. There have been worse fightbacks.
Qatar comes to the rescue: It vows to invest 15 billion dollars into the Turkish economy. A nice gesture, but this will need to be only one step towards strengthening its economy. If gov does not change its habits, this will go down in history as a drop in bucket before bailout.
— Louis Fishman (@Istanbultelaviv) August 15, 2018
Currency rises from record low against US dollar but investors remain anxious at lack of interest rate rise
Turkey’s lira continued its recovery on Thursday, ahead of a crucial conference call between the country’s finance minister and international investors.
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All the day’s economic and financial news, including the latest on the Turkish currency crisis that has spooked investors
- Latest: US could hit Turkey with more sanctions
- Berat Albayrak has spoken to thousands of investors
- Finance minister pledges to fight inflation and support banks
- Albayrak: Won’t need capital controls or the IMF
- Introduction: Turkish finance minister faces credibility test
In a country where violence against gay people is often excused on grounds of unjust provocation, the fatal shooting of a trans woman has caused renewed fear
Simge Avcı loved practical jokes, says her roommate Bahar, recalling how her friend would giggle after pretending to spill the contents of an empty teapot on her startled victims.
Bahar (not her real name), 25, had lived with Avcı for seven years in Samsun, a small, sleepy city on the Black Sea coast of Turkey.