Turkey and the U.S. are embroiled in a visa spat that's hammered the lira. While the short-term market stress has inflicted considerable strain on Europe's gateway to the East, in the longer term both sides have ample reason to patch things over. But that will not be the end of Turkey's market troubles.
The Turkish currency was as much as 6 percent lower versus the dollar on Monday since both nations suspended visa services for each other's citizens over the weekend.
