Turkey Proposes Trade With China, Russia And Iran In Local Currencies

• Turkey Proposes Trade With China, Russia And Iran In Local Currencies  
  by Tyler Durden, www.zerohedge.com 
  Forget the “impossible trinity” – Turkey is facing a just as impossible dilemma where it is trying to juggle two things at the same time: attempts to lower interest rates while supporting its currency, and predictably it is failing.
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  On Friday, the Turkish Lira crashed to record lows, plunging as much as 3.60 against the dollar when Turkish president Erdogan urged banks to lower interest rates because in order to stimulate investment in the economy “there is no other remedy”.
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  He referred to the United States, Japan and Europe as examples of where rates are low and questioned why Turkey still had such high rates. The Lira, which has soundly ignored the recent rate hike by the Turkish Central bank, plunged on the news, which in turn prompted Erdogan to tell his countrymen to convert their dollars into Lira and gold.
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