...the Turkish market has lost two-fifths of its value in dollar terms, and the Turkish lira has fallen farthest of the world's major currencies, close to its 2009 crisis low. Turkey's financial unraveling has only begun. On March 1, I warned that Turkey was "a developing market to avoid". With the carnage in global markets, Turkey's problems barely made the back pages. But the strategic importance of Turkey's currency route will become a major theme for foreign policy during the next several weeks.It looks like the foreign policy implications are already with us.
Cross Posted at Classical Values