Erdogan Crisis Slams Lira, Stocks as Foreigners Dump Turkey Debt
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Turkey’s lira tumbled to a record and stocks dropped as foreign investors dumped the nation’s debt on concern the showdown between the government of Prime Minister Recep Tayyip Erdogan and the judiciary will worsen.
The currency weakened as much as 2.3 percent to 2.1764 against the dollar, before trading at 2.1538 at 5:50 p.m. in Istanbul. The lira slid as much as 3.5 percent versus the euro to a record 3.0151. The Borsa Istanbul 100 Index fell 1 percent at the close to 63,885.22, the lowest level since August 2012. Two-year bond yields climbed above 10 percent for the first time since August.