You're looking at the wrong metrics. Instead: - Change in foreign reserves. - Private debt to GDP, particularly denominated in EUR and USD. - Turkish private

You're looking at the wrong metrics. Instead: - Change in foreign reserves. - Private debt to GDP, particularly denominated in EUR and USD. - Turkish private bank debt to FX reserves, particularly denominated in EUR and USD. Turkey's problem is having to pay for inputs in EUR or USD and interest payments in EUR or USD at the same time such reserves and the ability to acquire such reserves are in decline & increasing in cost.