Turkey’s Solution to Lira Crisis Will Be to Dedollarize Its Economy – Economist

• Turkey’s Solution to Lira Crisis Will Be to Dedollarize Its Economy – Economist
  by https://sputniknews.com/
  Turkey’s currency continues to tumble amid escalating US pressure on Ankara. On Sunday, Finance Minister Berat Albayrak assured Turks that the government was preparing a plan of action to respond to the crisis. Speaking to Sputnik, geopolitics and finance analyst Tom Luongo explained some of the possible knock-on effects of the lira’s drop.
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  Sputnik: Turkey has been struggling with the decline of the lira for a while, with fears that the currency could weaken even further. What’s your prognosis, and what do you make of hopes for a reversal of this trend?
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  Tom Luongo: I think that when we get to a point where everybody’s talking about it and it’s front page news, we’re probably going to be pretty close to the bottom.
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  We’re getting close to max pain, and I think that President Erdogan’s position here is going to be ‘If you’re going to take Turkey down, we’re going to take everybody with you’. Because when the lira dropped precipitously, we saw immediate reaction from the Financial Times, Zero Hedge and other places that this was creating contagion effects into Europe…
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