Turkey Hit By Bank Runs, Currency Panic

[Bullitt]

Just ten years ago this country was supposed to be a model of capitalism for the unstable region. I remember advertisements in European financial media pumping investing in Turkey and thinking, "no way".

Such a backwards country. Sit and do nothing while ISIS burns Iraq / Syria, but then lets attack the Kurds when ISIS is gone.

 

[tsptalk]

Turkey Hit By Bank Runs, Currency Panic As Locals Sell Their Cars And Houses To Buy Gold While Lira Implodes

The Turkish lira has cratered against the dollar and most developed currencies, plunging from 3 TRY per dollar, to a record low 7.37 last week after a brief and valiant attempt at imposing shadow capital control by Erdogan (who is now de facto head of the Turkish central bank) failed miserably at the end of July, and not even a draconian hike in overnight funding rates above 1000% last week (to crush the shorts) was able to prevent a plunge in the Lira to new all time lows.

https://www.zerohedge.com/markets/t...ell-their-cars-and-houses-buy-gold-while-lira