Lira Collapses Anew As Erdogan Digs In, Tempts Fate

Over the weekend, Recep Tayyip Erdogan dug in his heels amid Turkey's worsening currency crisis. Calls for draconian rate hikes and/or an admission from Ankara that an IMF program might be necessary were not only ignored, but specifically ruled out by the Turkish leader, who quite literally claimed he would rather die than succumb to "the interest rate trap". “It’s foolish to think Turkey can be thrown off by FX”, he said on Sunday in Trabzon, adding that “those calling for [an IMF bai