Turkey $2 Billion Lira Defense Fails to UBS as Reserves Sink
October 19, 2011, 12:31 PM EDT
By Steve Bryant and Selcuk Gokoluk
(Updates with CDS prices in the seventh paragraph)
Oct. 19 (Bloomberg) -- Turkey may lack resources to stop the lira’s tumble after selling more than $2 billion this week to prop up the currency, extending a two-month campaign to end the declines, according to UBS AG and Commerzbank AG.
More:Turkey $2 Billion Lira Defense Fails to UBS as Reserves Sink - Businessweek
