No capital controls, no IMF, says Albayrak. But analysts warn he could be in for a rude awakening somewhere down the road.
With the jury out on whether Turkey's currency crisis will morph into a debt crisis, data shows public sector facing repayments of around $32bn and the private sector $146bn.
June’s weak expansion of 3.2% y/y and currency crisis portend recession and jump in banks' non-performing loans.
Like Moscow, Ankara has fallen out of the top 30 largest holders of US T-bonds. Iran and China are also on board with the idea of settling transactions in national currencies.
Construction industry has already started showing signs of a slowdown ahead of expected monetary and fiscal tightening amid Turkey's financial crisis.
Joblessness among youth rises sharply from 16.9% to 17.8%.
Shortfall is likely to widen due to economic weakness and, probably, a modest loosening of fiscal policy, say analysts.
As the Turkish lira rallies to stronger than 6 to the dollar, analysts debate the significance of $15bn from Doha.
EBRD tops single lender list issued amid Turkey’s currency crisis.
Vice-president speaks of "retaliation for conscious attacks on our economy ". The lira, meanwhile, continues to rebound.
Markets wonder whether President Erdogan, who notoriously opposes costlier credit, is aware of what the regulator is up to. Experts warn of “side effects”.
Currency experiences relief rally as situation mildly stabilises, Turks nervously await Trump’s response to president’s move against American merchandise.
Survey report from New York-based Academy Securities notes Ankara’s increasing cosiness with Moscow and rows with the US.
Economic contagion experts are sizing up Turkey’s meltdown against the 1997 Asian Financial Crisis which caused the Russian economy, and others, to collapse. With the Turkish lira in freefall should other emerging markets be feeling the jitters?
Technocrats scramble for effective remedial measures, president hits out at White House for seeking to “stab your strategic partner in the back”.
Michael Daventry recalls the torturous slog and loss of dignity that followed the country’s 2001 currency collapse—and led to the rise of a then little-known leader. Could history repeat itself?
Turkey finds itself in tremendous economic peril and Donald Trump’s actions only serve to aggravate the situation. The Kremlin may sense a shot at breaking up Nato. And analysts even see the possible emergence of an anti-US “axis of the sanctioned”.
The first annual reduction since August last year confirms signs of rebalancing, just as Turkey looks set to fall into an out and out financial crisis.
Turkish lira crashes to astonishing all-time low of 7.24 to the dollar in early trading but if Turkey's leader is to be believed there is no possible economic explanation for it.
Lira’s death spiral looks set to spark undeniable debt and liquidity crisis.