Turkey’s Lira Confronts Lose-Lose Reality In New Erdogan Term

It's back to lamenting the lira. When it became clear last month that Recep Tayyip Erdogan wasn't going anywhere in Turkey, market observers breathed a heavy sigh, and not from relief. Rather, an exasperated sigh at the prospect of more Erdoganomics. At the least, Erdogan's election victory+ meant a wholesale abandonment of the policies that've frustrated EM watchers for years was out of the question. But an underappreciated risk was that Erdogan, having secured another term, might nod in the