Why is the Turkish Lira rapidly depreciating?
According to the latest round of the World Values Survey, only 11 percent of Turks believe that “most people can be trusted.” In Germany, that number is 45 percent. When it comes to trusting others, Turks are at the bottom of the list. Yet in comparison to others, Turks save less and borrow more. The current account deficit stands testimony to that. So Turks are surrounded by people they don’t trust, but don’t build up financial security around them. Sounds like a recipe for anxiety to me.
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