Meanwhile, Turkey Careens Into Currency Crisis As Erdogan ‘Declares War’ On Citi, UBS, BNP

It's been readily apparent for months that Turkey was careening towards another currency crisis. After all, CBT governor Murat Uysal has delivered a total of 1,525bps worth of rate cuts in less than a year on the job, taking the benchmark all the way down to 8.75%. Uysal of course replaced Murat Cetinkaya last summer, after Cetinkaya failed to slash rates fast enough to appease a perpetually impatient Recep Tayyip Erdogan, whose "unorthodox" (and that's a laughable euphemism) economic views ge