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Concerns over the extension of the Turkish crisis to the markets of Europe
18/8/2018 12:00 am [rtl]Martin Farrier - Translated by Khaled Kassem The Turkish lira fell about 9 percent at the beginning of trading this week, while the euro was the biggest decline in a year as investors fear the spread of the Turkish financial crisis to European markets. Despite the tone of the challenge launched by Turkish President Recep Tayyip Erdogan when he pledged to implement an unspecified measure to stop the decline, but the pound fell dramatically against the US dollar. The decline hit a record high on Monday morning at 7.24 lira against the dollar before rising again because of the announcement by the Central Bank of Turkey the decision to restrict the ability of the country's banks to exchange the lira in foreign currency. Asian stocks fell, with Nikkei, Hong Kong, Shanghai, Sydney and Taiwan falling mixed. The FTSE 100 is down slightly, as is the German DAX 30. The euro fell by a tenth of a percentage point, its lowest level against the dollar in a year, as the fall in the pound stimulated demand for safe havens such as the dollar, the Swiss franc and the yen. The Fix volatility index, which measures the turmoil in financial markets, also known as the Fear Index, rose 16 percent on Monday. Concerns have also emerged that the currencies of other emerging countries may lag behind the pound's decline, with South Africa's Rand falling to a record level since mid-2016, the Russian ruble falling again, and the Indian rupee falling to an unprecedented level. The lira has fallen 40 percent this year on fears of Erdogan's growing grip on the economy and deteriorating relations with the United States, especially over the war in Syria. The decision by a Turkish court to extend the detention of American priest Andrew Brunson, who is accused of spying for Kurdish militias and the Gulen movement, has forced US President Donald Trump to impose double customs duties on Turkish steel. Financial analyst Chris Weston warned that global markets will be on the brink of abyss because investors are trying to assess the impact of the crisis on European banks that have lent money to Turkey. The risks of infection are concentrated on the banks of Spain, Italy and France, which are exposed to Turkish debts, as well as Argentina and South Africa, analysts at Australia's ANZ said. Andrew Cunningham, chief economist at Capital Economics, said the lira, which began last May, seems certain to push the Turkish economy into recession and spark a banking crisis. Restrictions on currency exchanges announced last Sunday are the first part of the Turkish government's plan to tackle the crisis. Erdogan accused foreign nations of waging war on his country and said his government would respond with trade measures aimed at reducing reliance on the dollar and US markets. The Turkish finance minister and the president's brother-in-law, Birat Albirak, told a local newspaper that he had a plan of action ready to deal with the crisis. The Guardian[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=161916[/rtl] |
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