TURKEY – Turkish Crisis Rattles Currency Markets

WSJ | Aug. 10, 2018

Lira drops more than 10% as international markets sour on Turkey’s capacity to repay foreign-currency debts

The Turkish lira plunged Friday on investor concerns about the country’s financial health, a shock that set off sharp falls in other emerging-market currencies, hit the euro and European banks, and pushed the dollar to a one-year high.

The market turmoil intensified when President Recep Tayyip Erdogan took a confrontational stance and talked of “economic war.” President Trump shortly afterward said in a tweet that tariffs on Turkish aluminum and steel would be doubled amid a deepening diplomatic spat between the North Atlantic…

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