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Turkey's Borrowing Costs Soar as Crisis Enters New Phase
MARKETS
Turkey’s Borrowing Costs Soar as Crisis Enters New Phase
Country’s dollar debt yields jumped and the normally quiet business community openly challenged President Erdogan’s handling of the economy
By Jared Malsin and Caitlin Ostroff
https://twitter.com/jmalsin
jared.malsin@wsj.com
https://twitter.com/ceostroff
caitlin.ostroff@wsj.com
Dec. 20, 2021 10:51 am ET
ISTANBUL—Turkey’s financial strains worsened and the country’s business community went into revolt, signs that the currency crisis dogging the economy was heading into a dangerous new phase.
The lira plunged nearly 9% percent on Monday to more 17.86 against the dollar, a record low, after President Recep Tayyip Erdogan vowed to cut interest rates further in defiance of business leaders who have spoken out against the government’s monetary policy in recent days.
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Turkey’s Borrowing Costs Soar as Crisis Enters New Phase
Country’s dollar debt yields jumped and the normally quiet business community openly challenged President Erdogan’s handling of the economy
By Jared Malsin and Caitlin Ostroff
https://twitter.com/jmalsin
jared.malsin@wsj.com
https://twitter.com/ceostroff
caitlin.ostroff@wsj.com
Dec. 20, 2021 10:51 am ET
ISTANBUL—Turkey’s financial strains worsened and the country’s business community went into revolt, signs that the currency crisis dogging the economy was heading into a dangerous new phase.
The lira plunged nearly 9% percent on Monday to more 17.86 against the dollar, a record low, after President Recep Tayyip Erdogan vowed to cut interest rates further in defiance of business leaders who have spoken out against the government’s monetary policy in recent days.
TO READ THE FULL STORY
SUBSCRIBE
SIGN IN