Turkey economy in free fall, it could bring down many banks that have loaned hundreds of billions of dollars to them

Sharing is Caring!

Those banks have required that their loans be repaid in US Dollars, not the Turkish lira. Since their lira is falling apart, they cannot purchase those US dollars and will default on all those loans. This has the potential to bring down the entire European economy!

www.cnbc.com/quotes/?symbol=TRY=

www.cnbc.com/2018/08/10/turkish-lira-loss-deepens-as-pm-erdogan-calls-for-citizens-to-convert-.html

The Turkish lira added to its steep losses on Friday, hitting a fresh record low, after President Donald Trump authorized the doubling of metals tariffs on Turkey.

READ  Major bipartisan antitrust reforms could break up big tech... AMAZONAPPLEFACEBOOKGOOGLE targeted

The lira traded down 20 percent against the U.S. dollar at 6.797 after Trump made the comment in a tweet.

Volatility in Turkish lira has greater potential to cause contagion, says strategist from CNBC.

www.cnbc.com/2018/08/10/turkish-lira-loss-deepens-as-pm-erdogan-calls-for-citizens-to-convert-.html

Follow Bloomberg’s liveblog of Turkey’s response to the diplomatic (and economic) crisis, as lira plunges to a record low. Erdogan will speak followed by a news briefing from his son-in-law Finance Minister Berat Albayrak.

www.bloomberg.com/news/live-blog/2018-08-10/turkey-s-erdogan-finance-minister-speak-on-economy-crisis

Lira collapses as Erdogan tells Turks: They have ‘their dollars,’ we have ‘our god’

READ  Salim Ismail’s ExO Economy Token To Be Listed On Uniswap

www.cnbc.com/2018/08/10/lira-hits-all-time-low-as-erdogan-tells-turks-they-have-their-dollar.html

h/t Nobody You Know

877 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.