Economics
Turkey Lira Falls to Record on Ratings Cut, State of Emergency
- S&P cut rating to BB, two steps below investment grade
- President Erdogan declared three-month state of emergency
Turkey Volatility: More Downside for Markets?
This article is for subscribers only.
Turkey’s lira fell to an all-time low after S&P Global Ratings downgraded the country’s debt on concern about an increase in political risk after a failed coup last week and the government declared a state of emergency as it pursues those responsible.
The currency slumped to as low as 3.0973 against the dollar before falling 1.5 percent to 3.0898 on Wednesday. Stocks earlier capped the steepest three-day selloff in three years and bonds tumbled, sending the yield on 10-year notes to the highest since May.