Yen Nee Lee, CNBC: What went wrong for Turkey? Its economy is 'in the midst of a perfect storm'
Turkey has in recent years been one of the fastest-growing economies in the world, but its impressive growth numbers were fueled by foreign-currency debt.
The country's borrowing resulted in deficits in both its fiscal and current accounts, and Turkey doesn't have large enough reserves to rescue the economy when things go wrong, experts say.
Making the situation worse for Turkey is President Recep Tayyip Erdogan's preference to keep interest rates low even though inflation is more than three times the central bank's target.
The free fall in the Turkish lira has stoked fears of an economic fallout that could spill over into other emerging markets and the banking systems in Europe.
Turkish President Recep Tayyip Erdogan blamed the plunge in the currency on "an operation against Turkey" and dismissed suggestions that the country's economy was facing troubles. But strategists from J.P. Morgan Asset Management said the NATO member has found itself "in the midst of a perfect storm" of worsening financial conditions, shaky investor sentiment, inadequate management of the economy and tariff threats from the U.S.
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Commentaries, Analysis, And Editorials -- August 13, 2018
The Rift Between Turkey and America Was Already There -- Daniel R. DePetris, National Interest
Turkish economic shadow looms over Europe and beyond -- Arthur Sullivan, DW
As US-Turkey relations enter crisis mode, here's what Trump should do -- Tom Rogan, Washington Examiner
Another Worry For Turkey Investors: A Potential NATO Split -- Simon Constable, Forbes
What’s Next for Iran, the Iranian Rial and the Ayatollah? -- Bob Mason, Yahoo Finance
Will Iraq comply with US-imposed Iran sanctions? -- Omar al-Jaffal, Al-Monitor
How the battle for Ghazni could impact upcoming polls in Afghanistan -- PBS News Hour
More British troops are being sent to Afghanistan – to appease Trump -- Simon Jenkins, The Guardian
Beijing's problems in the trade war with the US -- Hans Spross and Jun Yan, DW
Now with power to long rule China, Xi beset by challenges -- Christopher Bodeen, Associated Press
Don’t expect Beijing’s South China Sea ‘breakthrough’ to weaken US ties with Asean nations -- Collin Koh, SCMP
Can Kim Jong Un's Diplomatic Offensive Visits Break Sanctions? -- John Dale Grover, National Interest
Rich in oil, gas, and caviar: Five countries move to settle decades-long Caspian dispute — why now? -- Christina Zhou, ABC News Online
From refugees to Russia: Angela Merkel's foreign policy problems -- Ben Knight, DW
Trump’s Secret War on Terror -- Daniel Rosenthal and Loren DeJonge Schulman, Defense One
