Turkish Markets Sink Most in World as Erdogan Deepens Purge
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Turkey’s lira sank, an equity selloff triggered a trading halt, and government bond yields surged to the highest levels this year as investors dumped the nation’s assets after the arrest of a key rival to President Recep Tayyip Erdogan.
The lira plunged more than 10% to new record lows on news of the arrest early on Wednesday, before paring losses to about 6% as of noon in Istanbul. The benchmark Borsa Istanbul 100 Index was also down 6%, with the banking sub-index dropping more than 9%. The declines were the worst in the world among respective asset classes.