Following yesterday’s market ‘warning’ that Erdogan may have taken things too far, Turkey’s currency and credit risk markets are in further disarray today as Turkey’s National Security Council will consider calling for a state of emergency according to ruling AK Party deputy head Cevdet Yilmaz.
The Lira is crashing back near record lows…
Some context for the Lira’s progress…
And Turkish sovereign credit risk is soaring…
As we noted yesterday, it is truly a bizarre time when the only thing keeping corrupt, conflicted “democratic” politicians honest are FX and credit market ‘threats’.
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