Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Lira Weakens Most in 3 Weeks on European Debt Crisis; Bonds Fall

The lira weakened the most in more than three weeks on concern the European debt crisis is deepening, hurting demand for riskier emerging-market assets.

The Turkish currency depreciated for a third day, losing 0.7 percent to 1.8209 per dollar at 6:15 p.m. in Istanbul, the biggest drop since June 28. Yields on two-year benchmark bond rose nine basis points, or 0.09 percentage point, to 7.86 percent, increasing the most since June 25.

The IMF will stop paying rescue aid to Greece as it is already clear the nation will not be able to fulfill its promise to cut debt to 120 percent of annual economic growth in euro terms by 2020, Der Spiegel magazine reported, citing unidentified EU officials. German Vice Chancellor Philipp Roesler said he’s “very skeptical” that European leaders will be able to rescue Greece. Turkey sends around 40 percent of its exports to Europe.

“The outlook for the euro zone is worsening,” Fatih Keresteci, a strategist at HSBC Bank AS in Istanbul, said in an e-mailed note. “Reports that the IMF may stop credit flow to Greece are deepening this panic sentiment.”

The central bank lent today 1 billion liras ($1.64 billion) at the lowest 5.75 percent policy rate in its daily repurchase agreements auction. It provided 3 billion liras the same day last week. The bank has lent at the lowest rate every day since June 5, the longest streak since March 21.

Governor Erdem Basci introduced an interest-rate corridor in October to execute the bank’s unorthodox monetary policy, switching between rates of 5.75 percent and 11.5 percent on a daily basis to tame inflation and rein in the current-account deficit by curbing credit growth.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.