Skip to comments.Turkish crash has already begun, says economist
Posted on 05/22/2018 10:17:05 AM PDT by Texas Fossil
There has been little room for optimism in recent predictions on Turkeys economy, but even among pessimistic company, one strategists comments on Turkey to Swiss newspaper Neue Zürcher Zeitung came off as bleak.
Turkey has already entered an economic crisis and can expect a massive fall in the value of the Turkish lira by the period after the June 24 elections at the latest, Turkish daily Cumhuriyet quoted economist Russell Napier as saying.
After years of steady decline, the liras fall has accelerated sharply in recent weeks, repeatedly hitting record lows against the dollar and leading losses in emerging markets on Monday.
Turkey at this stage is no longer able to make payments on its approximately $400 billion debts, said Napier. Italian and French banks will bear the brunt of the crisis that this will trigger, and the European Union will likely be forced to step in to save them.
A Turkish crash would trigger a global crisis, Cumhuriyet quoted Napier as saying.
With a crisis looming, Turkish firms such as Doğuş Holdings and Turkish Telecom owner OTAŞ which owe large amounts in foreign currencies are already scrambling to restructure their debts, said Napier.
(Excerpt) Read more at ahvalnews2.com ...
1 USD = 4.65179 Turkish Lira
(there was a time when Turkey's lira, was almost on par with the US dollar. Before Erdogan came to power.)
And Erdogan called for a "flash" election to be held on June 24th.
And he recently befriended/promoted the Commie Dictator running Venezuela.
What could possibly go wrong for Erdogan the Islamist?
They just need to keep centralizing and radicalizing.
Totalitarianism in all forms is EVIL.
Erdogan is one of the worst.
Maybe Erdogan is cozying up to Maduro for tips on how to keep power, while crashing your economy.
Ataturk’s legacy squandered.
Anyone clinging to Maduro is like swimming toward a small tree limb in a whirlpool, leading to the abyss.
Increase the current flow to speed the process. The outcome is inevitable.
First Turkish lira (19232005)
Both Livre Turque (in French) and تورك لیراسی (in Ottoman Turkish) phrases used on first-issue banknotes.
Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change was done according to the 12 January 1926 issue of the official gazette and canceled by the Democrat Party after World War II.
After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
1966 1 U.S. dollar = 9 Turkish lira
1980 1 U.S. dollar = 90 Turkish lira
1988 1 U.S. dollar = 1,300 Turkish lira
1995 1 U.S. dollar = 45,000 Turkish lira
2001 1 U.S. dollar = 1,650,000 Turkish lira
The Guinness Book of Records ranked the Turkish lira as the world's least valuable currency in 1995 and 1996, and again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation.
Second Turkish lira (2005present)
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency. It was introduced on 1 January 2005, replacing the previous Turkish lira (which remained valid in circulation until the end of 2005) at a rate of 1 second Turkish lira (ISO 4217 code "TRY") = 1,000,000 first Turkish lira (ISO 4217 code "TRL"). With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit. At the same time, the Government introduced two new banknotes called TRY100 and TRY50.
In the transition period between January 2005 and December 2008, the second Turkish lira was officially called Yeni Türk Lirası (New Turkish lira). It was officially abbreviated "YTL" and subdivided into 100 new kuruş (yeni kuruş). Starting in January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL". All obverse sides of current banknotes have portraits of Mustafa Kemal Atatürk. Until 2016, the same held for the reverse sides of all current coins, but in 2016 one-lira coins were issued to commemorate the "martyrs and veterans" of the 2016 Turkish coup d'état attempt, the reverse sides of some of which depict hands holding up a Turkish flag while others show in stylized form a collection of five-pointed stars topped by a Turkish flag.
That decade coincides with the ObamaNation. Beginning in 2009. Coincidence? I doubt it.
It also coincides with Erdogan the Islamist’s rise to power.
Great historic perspective. Again, thank you.
I don’t think either of them need help in creating a total train wreck.
“Great historic perspective. Again, thank you.”
If he is the “smartest” Turkey has a real problem.
I know he is not the smartest, but he may be the smartest public official not in jail.
It is a police state and they still practice extreme censorship. And ethnic cleansing with zero remorse.
And we in the West are to take his crap?
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