Turkish Banks Scramble to Stave Off Debt Crisis, as Lira Plummets
by Don Quijones • Aug 7, 2018 •
Desperation is rising in Turkey’s banking sector following months of escalating political and financial instability. Benchmark interest rates have been hiked 10 percentage points so far this year to over 17%, making it much more expensive for companies and families to service their debt. But even that hasn’t stopped the Turkish Lira from plunging almost 25% since March.
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