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Can TURKEY go BANKRUPT? - VisualPolitik EN
Posted
August 24, 2018
Views
480,548
Likes
9,206
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3,752
Engagement
2.70%
August 24, 2018
480,548
9,206
3,752
2.70%
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13:35Now PlayingTurkey is in the middle of a debt crisis that goes way beyond the economic sanctions imposed by America. The all-mighty Turkish president, Recep Tayyip Erdogan, believes that concepts like economic orthodoxy and fiscal responsability are Western conspiracies to end with Turkey.
This explains why, in the latest three years, the Turkish Central Bank has flooded the market with cheap credit, with almost no interest, and the Turkish Lira has been devaluated until losing two thirds of its value four years ago. Inflation is growing day after day. And there is a real risk for this country to enter in a hyperinflation scenario.
This wouldn’t be anything new. Turkish economy used to be famous for their inflation. Nonetheless, in this case, a financial collapse of Turkey would transmit to the rest of Europe pretty quickly. Turkish companies owe more than 300 billion USD to foreign banks. So a Turkish default would mean a gigantic hole to the European financial system. But… how did we get here? In this video, we tell you the story.
*Script written by Javier Angulo
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