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The Grand Turk
What's next for Turkey after lira slump?
2018-08-15
[Al Jazeera] A turbulent five days for the Ottoman Turkish economy has seen the lira hit a record low against the US dollar, sparking fears of a meltdown as Ankara and Washington traded blows over the detention of an American pastor in The Sick Man of Europe Turkey
...the only place on the face of the earth that misses the Ottoman Empire....
.

Although the case of Andrew Brunson, an Christian Evangelical preacher from North Carolina, has been the focus of the deterioration in US-Ottoman Turkish relations, Turkey's existing economic woes have merely been exacerbated by the row, according to analysts.

In June, Turkey held elections which were brought forward more than a year largely because of the economic crisis on the horizon.

Earlier this month, President Donald Trump
...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States...
 imposed sanctions against two Ottoman Turkish government ministers and last Friday he doubled the tariffs on steel and aluminium imports from Turkey to 50 and 20 percent respectively, setting off a dramatic slide in the lira.

The lira's crash, which saw it fall to a record 7.24 to the dollar early on Monday morning before recovering to 6.35 on Tuesday, prompted concerns that the economy, which is heavily reliant on foreign currency loans, could slide into turmoil.

The country also faces a year-on-year credit deficit if $57bn, or 7 percent of Gross Domestic Product (GDP), and growing unemployment.

Posted by:Fred

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