Turkey is struggling to support the ailing lira, which has lost more than 40% of...
LONDON - Turkey is struggling to support the ailing lira, which has lost more than 40% of its value over the past two years, and with foreign currency reserves running low, investors are trying to map out Ankara’s options for turning the tide.
If foreign investment grinds to a halt and hard cash buffers disappear, Turkey has only limited options without simply building large current account surpluses that may require a much deeper and longer domestic recession.Ankara’s borrowing costs have shot up but it is nowhere near locked out of international capital markets yet.
“If the sovereign wants to print tomorrow, they can — just at elevated levels,” said one senior banker. But few lenders can match the IMF’s firepower, the credibility of its checks and balances and the assurance its involvement offers for overseas investors. Some have speculated European Union countries individually or the bloc as a whole could be lending a hand, keen to contain any fallout from a Turkey crisis through close trade and banking channels. Yet European engagement on a large scale such as the Greece bailout has been linked to an IMF program, and there is little political momentum to provide money on a larger scale.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Turkey celebrates War of Independence's centenaryMay 19 is a milestone in Turkish history as it is the day when Mustafa Kemal arrived in Samsun from Istanbul to organise the war that saw the remnants of the Ottoman Empire transformed into modern Turkey four years later.
Lire la suite »
Turkey will complete purchase of Russian missile system despite risk of U.S. sanctions, foreign minister says'As soon as Russia is ready to deliver them to us, we will be ready to accept them,' said Turkish Foreign Minister Mevlüt Çavuşoğlu.
Lire la suite »
Turkey says US scrapping trade deal contradicts goalsThe decision to remove Turkey from the Generalized System of Preferences (GSP) is inconsistent with the trade volume target of $75 billion announced by both countries, says Turkish Trade Minister Ruhsar Pekcan.
Lire la suite »
Turkey marks 155th anniversary of Circassian tragedyThe Circassians, who are predominantly Muslim, suffered greatly under the Russian Empire and were banished from their homelands in 1864.
Lire la suite »
Opinion | Trump Can’t Afford to Go Soft on TurkeyOpinion: President Trump lambastes allies who fail to pull their weight. Turkey tops that list, relying on U.S. beneficence while undermining U.S. interests, write Eric Edelman and JSchanzer.
Lire la suite »
Turkey says Syrian regime violating Idlib ceasefireTurkey and Russia form a working group in a bid to bring calm to the recent escalation in Syria's Idlib within the context of Astana and Sochi Agreements.
Lire la suite »
Turkey says it is discussing S-400 working group with U.S., postponing not on agendaTurkey is discussing with the United States setting up a working group to assess...
Lire la suite »
China asks Turkey to support its fight against militantsMeeting Turkish Deputy Foreign Minister Sedat Onal in Beijing, top diplomat Wang Yi said China sets great store on its ties with Turkey. China faces criticism for its so-called re-education camps which many see as internment camps for Uyghur Muslims.
Lire la suite »
'Turkey can't be excluded from E. Med energy equation'Turkey’s Vice President Fuat Oktay says Turkish Cypriots have rights to the resources in eastern Mediterranean and a new Turkish drilling ship, Yavuz, will operate in the area soon.
Lire la suite »
Turkey launches anti-misinformation campaign in USAnkara to hold a series of panel discussions on US-Turkey relations in Washington and New York from May 21 to 24 – Presidential Communications Director Fahrettin Altun
Lire la suite »