NEW YORK (Reuters) – Turkey’s currency crisis has roiled emerging-markets investors far and wide, including the U.S. state of Tennessee, where the state’s retirement system is the biggest institutional holder in a Turkey exchange-traded fund (ETF).
For most of the 2000s, Turkey was one of the world’s fastest-growing economies. The country’s ambitions soared even higher than its achievements: Ankara openly aspired to be the world’s 10th-largest market with a $2 trillion economy, exports
Those observing Istanbul’s construction boom will not have been surprised by last week’s currency collapse – it’s all based on debt
From a distance, Esenyurt, a newly built up neighbourhood on the edges of Istanbul, looks a bit like Hong Kong or Dubai, with a bustling downtown of shiny skyscrapers. Upon closer examination, however, you notice that tower after tower stands incomplete, lacking windows or furnishings; others are only half-occupied, their windows dark after nightfall.
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