Turkish Lira Drops Most in Eight Months as Cyprus Spurs Risk-Off
By Selcuk Gokoluk - Mar 18, 2013 7:24 AM ET
The lira weakened the most since July as a levy on Cyprus’s bank savings threatened to throw Europe back into crisis.
The Turkish currency depreciated as much as 0.9 percent as finance ministers in the euro area reached an agreement on March 16, forcing depositors in Cypriot banks to share in the cost of the latest euro-zone bailout. The euro fell 1 percent to $1.2941 at 10:43 a.m. in London. The MSCI All-Country World (MXWO) Index dropped 0.8 percent, retreating from the highest level since June 2008, and the Stoxx Europe 600 Index lost 0.9 percent.
More:Turkish Lira Drops Most in Eight Months as Cyprus Spurs Risk-Off - Bloomberg
