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| The Grand Turk | |
| Turkish Lira Hits New Record Low on Emerging Market Jitters | |
| 2014-12-18 | |
[AnNahar] Turkey's currency the lira hit a new record low on Tuesday as investors moved out of emerging markets amid the collapse of the Russian ruble and fretted over the impact of raids against Turkish opposition media.
Against the euro, the currency struck a low in value of 3.03 lira to the euro, breaking through the crucial 3.0 barrier before recovering to 2.98 lira to the euro. The currency has now slumped past lows seen in late January when the country was on the verge of a full scale currency crisis before the central bank intervened with an emergency rate hike. The arrests of over two dozen journalists, television producers and police on Sunday rattled markets already concerned about Turkey's exposure to emerging market weakness linked to the embattled Russian ruble. Sentiment on the lira turned negative on Monday when Erdogan gave a combative speech blasting the European Union ...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing... for criticizing the arrests. The slide of the Russian ruble -- despite an emergency rate hike -- has added to concerns about the economic health of top emerging markets. | |
| Posted by:trailing wife |
| #1 Give them a few months and the Turks will be financially on par with the Greeks. |
| Posted by: ed in texas 2014-12-18 07:28 |