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Nordea Is Shorting Turkey About to ‘Spiral Out of Control’

A highway stretches towards high-rise buildings and the Yavuz Sultan Bridge.

A highway stretches towards high-rise buildings and the Yavuz Sultan Bridge.

Photographer: Kostas Tsironis/Bloomberg
Updated on

The head of emerging markets debt management at Scandinavia’s biggest bank doesn’t mince words when it comes to the situation in Turkey.

Thede Ruest is directing the $500 million he helps oversee to short Turkey, a bet that should be paying off as turmoil grips the nation of about 80 million people. “It may even spiral a little bit out of control,” Ruest at Nordea Asset Management said by phone from Copenhagen on Wednesday.