Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning

• Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning
  by CARLY READ, https://www.express.co.uk/
  TURKEY has hit a fresh financial crisis which could cause a chaos across the eurozone after the lira plummeted to a record low.–
  One US dollar bought 5.57 lira during evening trading yesterday with the troubled currency plummeting five percent in one day. Investors questioned the ability of newly elected President Recep Tayyip Erdogan’s to prevent the nation’s deepening financial turmoil spiralling further out of control.
  –
  The slump of the lira, which has lost a dangerous 30 percent of its value since the start of 2018, has triggered the presentation of a new economic plan by the country’s finance minister and son-in-law of President Erdogan, Berat Albayrak.
  –
  Though the nation has failed to address issues behind the currency’s fall in the past with president Erdogan refusing austerity measures, resulting in volatility seeping out of the nation and into the wider economy.
  –
  The slump comes after threats by the country to retaliate after US President Donald Trump slapped sanctions on Turkey for continuing to trade with Iran and for the detention of American pastor Andrew Brunson, who has been held on terror charges.
  –
  The European Central Bank warned sanctions constituted a “serious risk to the outlook for global trade and activity” and has shared concerned over the impact of the weak lira on European banks. The euro also fell 0.5 percent to trade at $1.14 in the early hours of this morning. This followed a report that Spain’s BBVA, Italy’s UniCredit, and France’s BNP Paribas banks could be particularly impacted by the ongoing depreciation of the lira.
  –
  read more.

end 

https://socioecohistory.wordpress.com/2018/08/11/turkey-to-trigger-european-financial-crisis-as-lira-hits-terrifying-low-ecb-gives-warning/