The Turkish lira is sinking so fast it risks ‘smashing into the ground’ — and people are worried about European contagion
|08/10/2018||Posted by BusinessMediaguide.Com under General World News||
- The Turkish lira has fallen more than 10% against the dollar after a Turkish delegation in Washington failed to prevent US sanctions.
- There are concerns that contagion could spread to Europe. The euro dropped below 1.15 against the dollar on Friday.
- “[The lira] is falling so fast that a parachute is the first thing that comes to mind to prevent the lira smashing into the ground,” Bart Hordijk, Market Analyst at Monex, Europe told Business Insider.
- Turkish President Recep Erdogan and his newly appointed finance minister Berat Albayrak are due to speak at 2 p.m. local time today.
- You can follow the lira read more >>>