The economic costs of Erdogan
Aug 25,2018 - Last updated at Aug 25,2018
By Timur Kuran and Dani Rodrik
DURHAM/CAMBRIDGE — Turkey’s political model has long lost its luster, but a growing diplomatic crisis with the equally erratic administration of US President Donald Trump has now pushed the country’s economy into a full-fledged currency crisis. The Turkish lira has lost nearly half of its value over the last 12 months. And, because Turkish banks and firms have borrowed heavily in foreign currency, the lira’s freefall threatens to bring much of the private sector down with it.
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