Turkey financial crisis: lira plunges again amid contagion fears
The Turkish lira has fallen almost 9% in early trading on Monday as investors fear the country’s financial crisis will spread to European markets.
Despite defiant words by the Turkish president Recep Tayyip Erdoğan over the weekend pledging action to reverse the slide, the currency stood at 6.99 lira to the US dollar at 2.30BST on Monday, a fall of 8.7% on Friday’s closing price.
Asian stock markets were also down on Monday. The Nikkei in Japan lost 1.2%, Hong Kong was off 1.2% and the Taiwanese bourse fell 2%.
The euro also hit one-year lows on Monday as the falling lira fuelled demand for... read more
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