Turkish Turmoil Sends Foreign Investors Elsewhere
By Dimitra DeFotis
No more bingeing on Turkish delights.
That was Société Générale’s admonishment as it closed bullish trades on Turkey’s bonds, stocks, and currency in late February as central bank independence erodes. President Recep Tayyip Erdogan, bent on lowering borrowing costs and promoting economic growth ahead of June parliamentary elections, has suggested it would be treason if central bank chief Erdem Basci defends high interest rates.
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