Turkey's economy is spiraling — and a new election will make things worse [CNBC]
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Source: CNBC
Turkey's economy is spiraling — and a new election will make things worse Murad Sezer | Reuters Turkish President Tayyip Erdogan attends a news conference at Huber Mansion in Istanbul, Turkey March 31, 2019. Turkey's lira lost by a slim margin in local elections last month The move spells more trouble ahead for a massive economy already rocked by volatility, political tensions diplomatic standoffs set off a run on emerging markets "The market will not like months of uncertainty, if indeed the vote is repeated," Timothy Ash, senior emerging markets strategist at Bluebay Asset Management, said in a note Tuesday. "At this stage, whatever the result of the re-vote, the impression has been left that the election process in Turkey is not secure," he added. At one point on Tuesday the lira was trading as much as 5.82 to the greenback, a level not seen since October, before inching back to 5.74 on Wednesday morning Istanbul time. For perspective, a dollar bought just 3.5 lira in mid-2017. Eff
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