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Lee, 58, made his initial call — that Turkey was in deep financial trouble — in 2011. Yilmaz was forced to resign on June 6, 1996, with the government having lasted for only 90 days. Against that backdrop, emerging markets — which Turkey is part of — have become the biggest casualty in the recent market rout.

Earlier this week, the currency was at a record low of 7. The other was the US in the 1970s, when US Federal Reserve chairs Arthur Burns and William Miller kept interest rates low because, as businessmen, they just liked low interest rates. Turkey's unstable political landscape led many foreign investors to divest from the country. Retrieved 31 October 2018.



Published 7:57 PM EDT Aug 15, 2018 Just as the bull market for stocks is set to become the longest in history, U. What's giving Wall Street the jitters this time is Turkey's plunging currency, which is down about 40 percent this year against the dollar. Despite a brief respite and nearly 8 percent rebound Tuesday, the Turkish lira's free fall is causing acute economic pain in that country's economy, the world's 17th largest, and sowing fears that Turkey's woes will spread to other countries. Those concerns are already undermining confidence in global financial markets and causing asset prices to fall, especially in emerging markets and Europe. The damage has been more muted in the U. From local to global crisis? Could Turkey's currency crisis grow more damaging for Americans, upending 401 k accounts and derailing the broad U. The turbulence in Turkey bears watching, for sure, and will make it harder for that country to pay off its sizable debt of dollars held by global banks with its weakened lira, but investors need to keep things in perspective, Wall Street pros say. ISTANBUL, TURKEY - AUGUST 13: A woman poses for a photograph with Turkish Lira currency on August 13, 2018 in Istanbul, Turkey. Nearing a record The bull, which on Aug. Verrone notes that the U. One reason why credit markets at home have not run into problems is due, in part, to the fact that U. At the start of the year, it took about 3. Those countries might have a similar problem paying off debts if their currencies suffer losses as worried traders withdraw from markets. American impact For Americans, investments they hold in emerging markets may continue to come under pressure until Turkey's currency stabilizes.

It is going to spread. The reading for print quarter growth was slightly below analysts' expectations of 5. Edwards since the lira began its freefall last week to ask about what it means for the banking industry and mortgage availability. Following thethe government of those it considered involved, even if their ties to the coup were solo. While serious, even that should not have been big enough to tank an entire currency. On 25 May, it reported a sharp drop in confidence in Turkey's services, retail trade, and construction sectors over the month of May.