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This Is Where The Next EM Crisis Will Start
Listen, Turkey has got some problems.
On Friday we detailed the extent to which what looks like runaway inflation conspired with a conspiracy (and no, there are no typos there) to push 10Y yields up by a harrowing 30+bps and send the lira into (another) nosedive.
The Reza Zarrab case (a long-running saga that implicates Zarrab and a co-defendant in a truly ridiculous scheme to evade U.S. sanctions on Iran) looks like it's going to end up ensnaring Erdogan. Everyone's favorite Turkish autocr
