Posted on 02/13/2015 6:38:36 PM PST by Lorianne
Turkey, which had been experiencing unprecedented economic growth since 2003, has started sending out ominous signals in the past year, with investor confidence shaken and the lira plunging to a record low. This week, the currency dropped to above 2.50 against the U.S. dollar for the first time in its history, and has lost nearly 80 percent of its value since a corruption scandal in 2013.
Higher borrowing costs prevent inflation from spinning out of control, but also stymie the kind of economic growth that could be used as a political asset in the run-up to parliamentary elections in June. Turkey received only $43 billion in foreign direct investment last year, compared with $73 billion in 2013.
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(Excerpt) Read more at english.alarabiya.net ...
Turkish Lira Drops to All-Time Low Against Dollar
http://www.wsj.com/articles/turkish-lira-drops-to-all-time-low-against-dollar-1423581480
It will be interesting to see if economics reality moderates the Turkish government even a bit. I am hazarding a guess that it won’t.
Folks with half a brain will be removing their money/capital from the Islamic State of Turkey instead of putting new money/capital in. And that goes for secular Turks who don’t want to go along for the ride into the new Greater Islamic State.
Demands the US bail them out.
Going Socialist with Muslim influence.
Wow, what a shock...
Islamist only know how to destroy.
You think we won’t?
As near as I can tell there is no one or no thing we won’t bail out.
I guess the $600 million “White Palace” for stumpy, little Erdogan wasn’t such a bright idea. All that money wasted and it still looks like a shitty mall.
I guarantee that over the next 30 years Turkey will become a pesthole of poverty and islamic depravity.
Let’s hope it collapses and burns. Erdogan is an enemy of the West who must be brought down,
Erdogan keeps playing with fire. My prediction is he winds up like Morsi in Egypt
After Turkey turned its back on us during the Iraq wars I hope their economy does fail.
To hell with em, they cost a lot of American lives.
I agree.
We have no true allies over there except Israel.
None are trustworthy.
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