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So he's appointed commissars to overrule the professionals https://en.wikipedia.org/wiki/Commissar https://en.wikipedia.org/wiki/Commissar What could go wrong?
by onetimemanytime 8y ago
So he's appointed commissars to overrule the professionals https://en.wikipedia.org/wiki/Commissar https://en.wikipedia.org/wiki/Commissar What could go wrong?
I was reading that a lot of corporate debt is in USD /EURO. So the loans are a lot more expensive now and many will go kaput.
https://www.ft.com/content/0661a1b0-9f08-11e8-85da-eeb7a9ce36e4 https://www.ft.com/content/0661a1b0-9f08-11e8-85da-eeb7a9ce3...
"Last month Turk Telekom, a big telecoms group, announced a second-quarter loss of almost a billion lira as it was hit by a surge in the cost of financing foreign-currency debt.
And, then, in the space of a week, the lira lost a fifth of its value against the US dollar, as Turkey entered a full-blown currency crisis.
The slide has sorely hurt businesses that for years took advantage of longer maturities and lower interest rates to borrow in euros and dollars rather than Turkish lira."
- whatok 8y agoTurkey has a lot of sov as well as corporate debt in USD and EUR. They also import a ton of oil which has more or less only gone up on the year.