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Will Turkey be the first domino to fall?
Will Turkey be the first domino to fall? There has been many financial crises over the past century, yet few of those provided much of a warning that they were about to hit. It only becomes clear after the fact. We then begin to hear speeches on what there was to learn and how to avert any […]
“All Bets Are Off” – Ruble, Lira Crushed By US Sanctions
“All Bets Are Off” – Ruble, Lira Crushed By US Sanctions Emerging Market currencies are down broadly but the biggest losers (for now) are the Turkish Lira (record lows) and Russian Ruble (20-mo lows) as both suffer from US government actions. The Ruble has broken down to its lowest since Nov 2016 (US election)… The […]
Turkish Banks Scramble to Stave Off Debt Crisis, as Lira Plummets
Turkish Banks Scramble to Stave Off Debt Crisis, as Lira Plummets Too little, too late? Desperation is rising in Turkey’s banking sector following months of escalating political and financial instability. Benchmark interest rates have been hiked 10 percentage points so far this year to over 17%, making it much more expensive for companies and families […]
Goldman Warns Turkish Banks Will Be Wiped Out If Lira Hits 7.1
Goldman Warns Turkish Banks Will Be Wiped Out If Lira Hits 7.1 After its worst day in 10 years, the Turkish Lira’s early rebound is already starting to fade amid denied rumors of US officials predicting Lira’s demise, a record high yield at its bond auction, and Goldman warning of the collapse of Turkey’s financial […]
Turkey’s Erdogan Will Run Country Singlehandedly, “Dissenters Will Be Fired”: Top Advisor
Turkey’s Erdogan Will Run Country Singlehandedly, “Dissenters Will Be Fired”: Top Advisor In the aftermath of the recent presidential election which granted Turkey’s Recep Tayyip Erdogan executive powers, it appears the president wasted no time to make himself into a dictator. Speaking to Turkey’s Hurriyet newspaper, Mehmet Uçum, one of Erdogan’s chief advisers, Erdogan “will […]
Hyperinflation Avoidance Advice for Turkish Citizens as Fitch Cuts Ratings
Hyperinflation Avoidance Advice for Turkish Citizens as Fitch Cuts Ratings Turkey is on a path towards hyperinflation. Here are the steps Turkish citizens should make ASAP. Citing stability risks, Fitch Cuts Turkey’s Credit Rating to BB, further into junk territory. Risks to macroeconomic stability have intensified owing to the widening in the current account deficit, […]
Turkish Lira Tumbles To Record Low As “Ticking Time Bomb” Looms In Banking System
Turkish Lira Tumbles To Record Low As “Ticking Time Bomb” Looms In Banking System Having exercised his newly-omnipotent capabilities to alter central bank decrees and appointing a puppet cabinet, Turkish President Erdogan is now urging the general public to borrow in the currency in which they are paid, but, as Bloomberg reports, that warning came […]
Spotlight Turkey: Hyperinflation and Mass-Migration Crisis Inevitable
Spotlight Turkey: Hyperinflation and Mass-Migration Crisis Inevitable Turkey isn’t close to hyperinflation yet. But the path it’s on is a guaranteed way to get there. As Erdogan tightens his grip on finance and the central bank, Investors Fear Turkish Currency Crisis. The Turkish lira fell around 4% against the dollar late Monday after Mr. Erdogan […]
US, Iran Clash in Hormuz Strait: Not an Improbable Scenario
US, Iran Clash in Hormuz Strait: Not an Improbable Scenario The US remains adamant in its desire to cut Iran’s oil exports to zero, even if it hurts importing countries. America’s secondary sanctions on firms dealing with Iran would “snap back” on August 6 for trade in cars and metals and on November 4 for oil and […]
Turkey’s Erdogan Purges 18,000 Civil Servants With Decree
Turkey’s Erdogan Purges 18,000 Civil Servants With Decree It didn’t take long for Erdogan, who two weeks ago was re-elected as Turkish president with a majority of the vote and the critical extra benefit of undisputed executive powers, to flew his newly-found muscles, and on Sunday Turkey provided a glimpse of what to expect under […]
“Truly Awful Numbers”: Lira Tumbles After Turkish Inflation Explodes Most In 15 Years
“Truly Awful Numbers”: Lira Tumbles After Turkish Inflation Explodes Most In 15 Years Having stabilized modestly after its mid-June rout, which sent the Turkish Lira to a record low of 4.74 – on the re-election of president Erdogan of all things – overnight the TRY tumbled as much as 1.4% to 4.6813 after Turkey reported […]
Turkey and India Have Leverage in Trump’s Iran Sanction War
Turkey and India Have Leverage in Trump’s Iran Sanction War Both India and Turkey have said they will defy President Trump’s call for them to stop buying Iranian oil once the U.S. reapplies sanctions in November. That isn’t really news. Both of them defied the Obama administration in 2012, albeit in different way. Turkey changed its […]
Turkey Defies Trump, Will Keep Importing Iranian Crude
Turkey Defies Trump, Will Keep Importing Iranian Crude Defying the Trump administration, Turkey said it would ignore the State Department’s call on US allies to stop importing Iranian crude oil by November 4, when the latest sanctions against Iran are set to kick in. Earlier this week, the State Department called on all US allies […]
More Countries Start Exploring Alternatives to the US World Order
More Countries Start Exploring Alternatives to the US World Order There are two countries that more than others show how the Western world order is undergoing a profound change. Japan and Turkey occupy two distinct and diverse geographical areas, yet they share many of the same strategic choices about their future. Their geopolitical trajectory is […]
Global Stocks Dive On Fears Of “Irreversible” Trade War; Italian Bonds, Turkish Lira Tumble
Global Stocks Dive On Fears Of “Irreversible” Trade War; Italian Bonds, Turkish Lira Tumble Bulletin Headline Summary from RanSquawk: Trump is said to be planning new restrictions on tech exports to China PBoC says they are to cut the re-lending rate for SME loans by 50bps, following the RRR cut over the weekend Looking ahead, […]
