‘The Leopard Never Changes Its Spots’: Turkey Given Benefit Of Doubt, But Optimists Learn Hard Lesson (Again)

As you can probably imagine, the knee-jerk reaction in Turkish assets to Erdogan's sacking of Murat Cetinkaya was not favorable. The lira of course plunged out of the gate, falling more than 3.4% at one juncture, before trimming losses, and the read-through for stocks wasn't pleasant, although conceivably, it could have been much worse. Turkish banks took it on the chin, falling nearly 3%, before staging something of a rebound. The lira has managed to claw back about half of the original dec