Turkish Lira (TRY)
- Thread starter m22au
- Start date
LOL he's a classic... At this point, it's another IMF loan or vicious default wave/collapse. Maybe little putin or winnie from china will " lend " the turks, they need something fast... Reading on there state of economy, there in a serious recession and not even close to bottom yet
There are no IMF loans...
http://www.hurriyetdailynews.com/imf-chapter-will-not-be-reopened-says-erdogan-141029
You are right... And he seems intent on not going back, wonder how is it gonna work for Turkey going forward
The regime becomes increasingly authoritarian it definitely won't work well for the country...
https://ahvalnews.com/turkish-economy/turkey-spiralling-deep-economic-crisis-daily-telegraph
Turkish banks began lending in the market again on Thursday and rates returned to levels of as low as 50 percent, but the lira slumped more than 5 percent after central bank data showed that its reserves had fallen by almost $10 billion in three weeks. Turkey needs to repay or refinance roughly $150 billion of short-term debt within 12 months, while the net reserves of the central bank has fallen to $26 billion, the Daily Telegraph said.
Turkish banks began lending in the market again on Thursday and rates returned to levels of as low as 50 percent, but the lira slumped more than 5 percent after central bank data showed that its reserves had fallen by almost $10 billion in three weeks. Turkey needs to repay or refinance roughly $150 billion of short-term debt within 12 months, while the net reserves of the central bank has fallen to $26 billion, the Daily Telegraph said.
OMG, credit risk in bonds should rocket I think the country and corporate borrowers will default very soon because it's a huge mistake in relationship with foreign investors.
Is Erdogan so stupid and short-sighted to kill the economy in exchange for short term political gains?