Turkey goes from bad to worse
Turkey is closer to a full-blown currency crisis than at any time in the last 15 years.
Turkey "appears closer to a full-blown currency crisis than at any point since the ruling AK party took power in 2002", says the Financial Times. The lira keeps plumbing new lows against the US dollar; it has lost 10% since the start of 2017.
The problem is largely self-inflicted. Turkey's increasingly authoritarian president, Recep Tayyip Erdogan, "threatens the basic functioning of Turkey's institutions". His crackdown following a coup attempt in July has unsettled investors and local businesses. Terrorist attacks have undermined crucial tourism receipts and the sliding currency is increasing the burden of local firms' foreign debts.
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