Turkey: Countdown to balance of payments crisis

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Turkey: Countdown to balance of payments crisis
 © CyprusMail 2021
The countdown has begun for the balance of payments crisis to begin in Turkey; economists say that it is now nearly inevitable.

“Winter is coming!” writes economist Ehsan Bashi, 0f the Man Institute.

According to the institute’s research, Turkey will need to find more than $30 billion in external financing until the end of March 2021.

Moody’s, in its most recent downgrade of Turkey’s credit rating, has also warned of an impending balance of payments débacle.

The central bank can no longer finance this debt with its reserves, as these are nearly depleted. Foreign...

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Turkey: Countdown to balance of payments crisis

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Article Tags: turkey, countdown, balance, payments, crisis,