In Turkey: Meltdown

In Turkey: Meltdown

Recep Tayyip Erdogan asked for it, and he got it. Assets in Turkey were besieged Monday as the market delivered its verdict on the Turkish autocrat's decision to oust CBT Governor Naci Agbal last week. Agbal's dismissal was a flagrant assault on monetary policy credibility, a scarce commodity in Erdogan's Turkey. The brazen move represented nothing short of an open-handed slap to the face to anyone who was inexplicably inclined to trust Erdogan in November, when he installed Agbal with the aim
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