Economics
Turkey's Collapse Sinks Emerging Markets on ‘Manic Monday’
- Turkish measures could be too little, too late, analysts say
- Argentina boosts world’s highest rate amid Turkish meltdown
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Turkey’s meltdown rippled across emerging markets, sending stocks and currencies to their lowest levels in at least a year.
The lira led losses among global peers after the nation’s first steps to bolster the financial system were seen by some analysts as insufficient to protect markets. As President Recep Tayyip Erdogan lashed out at the U.S., took higher rates off the table and said he wouldn’t accept an international bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing countries. The rand’s one-month implied volatility soared by the most since December 2015, while the Argentine peso touched 30 per dollar.