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One Bank’s Stark Warning On Turkey: ‘This Time May Be Different’
Turkey is at the top of investors' worry list this week, and justifiably so.
The lira's ongoing collapse (which culminated on Wednesday in the worst day for the currency since the coup attempt after an overnight slide triggered by stopped-out retail traders in Asia crystallized later in USDTRY surging towards 5.00) seems to be spilling over and affecting risk appetite more generally.
This was always the risk. Obviously, Turkey is an idiosyncratic story about Erdogan's lunacy, but when it com
Another stable genius.
Maybe not so different this time. After all, almost exactly 100 years ago Turkey was widely characterized as the “Sick man of Europe.” Different government, same issues. Then its problems drove Turkey into the Axis powers during WW I.