Turkey's currency crisis shows no signs of abating. The lira has lost 40 percent of its value relative to the U.S. dollar so far this year. That's making dollar-denominated debts throughout Turkey's economy much harder to pay off. And that threatens a potential financial crisis that could take down banks and markets well beyond Turkey. Fortunately, however, the world has dealt with problems like this before. The immediate aftermath of the 2008 financial crisis left many European banks in the same predicament that Turkey is in now — saddled with enormous commitments denominated in U.S.
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The Week - World, The Week: World
Mon, 09/10/2018 - 2:50am
Topics: they u fortunately u u s federal reserve u u u u u great recession u u u basically u u starting december swiss national bank matthew klein barron's plan state department t adam tooze columbia u week trump german chancellor angela merkel u turkey u europe fed america turkish central bank part bank england central american u.s dollars crisis swap currency foreign financial rescue lira lines markets economic sheets dollar balance lender respective effectively create resort problem risk country exchange trillion system lend international prevent demand denominated money rate pay currencies potential left enormous commitments world absolutely intervention saved happening continued agreed massive costless politics sorts realize agreements
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