Erdogan warns of ′economic war′ as Turkish lira carnage spooks global markets | Europe| News and current affairs from around the continent | DW


Turkey is in the throes of a full-blown currency crisis, with little sign the government has a plan to deal with one of the worst emerging market currency meltdowns in recent history.

The crisis threatens to throw the world’s 18th largest economy into a downward spiral of bankruptcy and trigger contagion in emerging markets and Europe.

The Turkish lira fell as much as 22 percent Friday, before paring losses back to 17 percent, extending a rout in the currency from earlier this week. It stood at 6.47 to the US dollar at 1900 GMT. The lira has lost nearly 40 percent of its value since the…



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