South African Rand Flash-Crashes 10% As Turkey Contagion Spreads

• South African Rand Flash-Crashes 10% As Turkey Contagion Spreads
  by Tyler Durden, https://www.zerohedge.com/
  Amid increased anxiety over Ramaphosa’s white farmer land confiscation and reports of a $4.2 billion bailout of state-owned enterprises, the Emerging Market rout in Turkey has sparked a collapse in the Rand in early Asia trading.
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  The Rand crashed 10% against the dollar almost instantaneously as Asian FX markets opened… 
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  As Simon Black warned back in March, when Ramaphosa to push for the constitutional change required to confiscate white farmers’ lands, this would guarantee a banking crisis for the country. Here’s why – a lot of this land that the government wants to confiscate probably has quite a bit of bank debt.
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