When a central bank loses control bad things happen:
https://twitter.com/NorthmanTrader/status/1373947607890939905 *TURKEY CREDIT-DEFAULT SWAPS JUMP MOST ON RECORD TO 472BPS — *Walter Bloomberg (@DeItaone) March 22, 2021 OUCH! #Turkey 10y yield jumps to 17%. pic.twitter.com/2zR3Q8WGdi — Holger Zschaepitz (@Schuldensuehner) March 22, 2021 Without foreign exchange earnings from tourism, without much remaining FX reserves to defend the currency, and considering an expected exodus in foreign and … Read more