Turkish President Tayyip Erdogan's fiery anti-U.S. rhetoric helped spark a ...
ISTANBUL - Turkish President Tayyip Erdogan’s fiery anti-U.S. rhetoric helped spark a currency collapse in 2018 that plunged his country into recession.
Investors fear another punishing diplomatic fight with the United States could deepen and extend Turkey’s recession well into this year and even beyond. Beyond the risk of further economic sanctions, a collapse in relations could deter foreign investors and hit Western tourism. But relations later soured over U.S. concerns that Erdogan was taking Turkey on an increasingly autocratic course.
A more decisive drop in the lira could balloon banks’ non-performing loans that were already expected to double this year.
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