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Turkish Lira Dumps After S&P Warns, Cuts Turkish Outlook

Tyler Durden's picture





 

Having benefited from the earlier QE-un-taper hope, the Turkish Lira is dropping rapidly following the move by S&P to put Turky on negative outlook:

  • *TURKEY'S OUTLOOK TO NEGATIVE FROM STABLE BY S&P
  • *S&P SEES RISKS OF HARD ECONOMIC LANDING IN TURKEY

Furthermore, the ratings agency raising questions over the Central Bank:

  • *TURKEY SUFFERING EROSION OF GOVERNANCE STANDARDS, S&P SAYS
  • *TURKEY SUFFERING EROSION OF CHECKS AND BALANCES, S&P SAYS
  • *CONSTRAINTS ON TURKEY CENBANK INDEPENDENCE: S&P.

EM Un-fixed.

 

 


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Fri, 02/07/2014 - 13:40 | Link to Comment williambanzai7
williambanzai7's picture

Gobel Gobel...

Fri, 02/07/2014 - 14:02 | Link to Comment Iocosus
Iocosus's picture

Given what Erdogan is doing, Goebbel Goebbel seems more appropriate.

Fri, 02/07/2014 - 15:14 | Link to Comment max2205
max2205's picture

Boilerplate for the next us cut....replace turkey with usg

Fri, 02/07/2014 - 16:29 | Link to Comment williambanzai7
williambanzai7's picture

Oops I rushed. That is what I meant.

Fri, 02/07/2014 - 16:57 | Link to Comment 666
666's picture

"Gobel Gobel"

Sir William, I think you meant Goebbels Goebbels...

Fri, 02/07/2014 - 13:40 | Link to Comment Temporalist
Temporalist's picture

FX getting hijacked, planes getting hijacked...

Hijack attempt on Ukraine to Turkey plane

http://www.aljazeera.com/news/europe/2014/02/hijacked-plane-from-ukraine...

Fri, 02/07/2014 - 13:43 | Link to Comment negue
negue's picture

Operation Russian Freedom is on its way to free Ukraine from all these terrorists!

Fri, 02/07/2014 - 13:51 | Link to Comment maskone909
maskone909's picture

operation dumbo drop

edit

 

these folks are in desperate need of some Freedom Bombs and Liberty Bullets.

Fri, 02/07/2014 - 13:39 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Turkey -> Europe -> USA

GOTS, fishez!  At least get some out of the system!

Fri, 02/07/2014 - 13:40 | Link to Comment negue
negue's picture

Tyler, looking forward to an article about the "hijacked" plane supposedly ordered by an Ukrainian to head to Sochi, and how that fits with Russia plans to intervene in Ukraine in order to "protect" it. "weapons of mass distruction" anyone?

All good now, the plane has landed in Istanbul.

Fri, 02/07/2014 - 14:55 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

I guess Russia will be invading the Ukraine...Ukrania(?) to protect itself from attacks.

Fri, 02/07/2014 - 13:45 | Link to Comment semperfi
semperfi's picture

Just part of the global thermonuclear Currecy War.  U.S.A. is attacking Turkey because they are intermediaries in the upcoming gold trade settlement system.

Fri, 02/07/2014 - 13:58 | Link to Comment Gringo Viejo
Gringo Viejo's picture

Turkey is being economically taken down by the western CBs for their role in facillitating the Iran oil for gold swaps.

Fri, 02/07/2014 - 14:04 | Link to Comment semperfi
semperfi's picture

And so its only a matter of time before Turkey switches sides from West/NATO to East/Russia+China Alliance.

And the same for the Saudis, althought at gun-point, not willingly.

Fri, 02/07/2014 - 17:25 | Link to Comment earleflorida
earleflorida's picture

Turkey is being destoyed literally by FRB's and Basel (BIS) for their alliance with China, Period! The EU doesn't want them, thank God(?), and the ME understands the vital corridor it provides for their energy via EU and China's 'Northern Tier & Central Asia' strategy. Sure, Turkey did Gold Swaps for Iran via Dubai and Oman. Big deal!

Iran's oil goes through Dubai and Iraq and directly to China also. China pays for Iranian energy with yuan. The IRG has shadow company's operating in China, Turkey, and Dubai that convert the yuan to US$s and/or Gold!

China has a growing relation with Pakistan and Iran that gets tighter every day. The US needs Pakistan? Pakistan controls Afghanistan. But, Pakistan wants nothing to do with America's treachery!!!

Since 9/11 ~13years hence...the USSA has made a mess of the world, and has been fighting with everyone for various causes... be it Syria, Iraq, Libya, Afghanistan, or droning the fucking shit out of Pak's NW Territory, taking untold Collateral`damage to the Nth degree!!!  All the while the USSA does the fighting, Russia and China do all the business! WTF/Strangeness is this?

India and the USSA are great buddies now since Bush#43 gave them nuclear clearance! China isn't worried,... having Pakistan always rattling their cage but has limits on Kashmir?

Russia, China, and Iran = SCO 

Problem is Saudi Arabia, and Pakistan go back a long time, and have a strong relationship, even though it gets thorny with Iran in the equation. SA is moving towards China as I write.

So, in a nutshell the USSA will destroy Turkey rather than have a China via Turkey/Iran Pillar!

Remember, Erdogan got snagged in a catch-22 regarding Syria. The pressure from SA was to destroy the MB, and from Qatar on the Gas side to be a global hub for its South Pars gas fields. Qatar lost out both with its support for the Muslim Brotherhhod and the Saudi's are about to implode into a Arab Spring... having just instilled 'Marshall Law', and banning its millions of unemployed teenagers from wondering off the tribal homestead to join jihadist movements?!?

So, what we have today is america and the gulen movement out to destroy erdogan's turkey (erdogan should have negotiated with al-maliki directly rather than go around and break bread with n. iraqi kurd's for oil & gas), which was doing quite well until russia stepped into the USSA led Syrian usurping of Assad to weaken Iran's hand! it all backfired, but China will come in along with Iran, Russia to shore up the books. perhaps iraq's al- maliki will also throw turkey a bone!

Believe it or not, Erdogan a suuni muslim and al-Maliki/ Rouhani shiite muslims get along quite well. Who'd... WoodDA known???

jmo 

Fri, 02/07/2014 - 18:46 | Link to Comment earleflorida
earleflorida's picture

oh, forgot to mention that this gives russia and china a better entry point for capitalizing on ussa capitalism and freedom of markets? trading the winds of change,...

Latest from the US Treasury that's now in the NSA Program:    "US Treasury says Iran helping Al-Qaeda in Syria"   2/7/14  http://www.dailystar.com.lb/        

http://www.dailystar.com.lb/News/Lebanon-News/2014/Feb-07/246688-us-targets-key-iran-based-al-qaeda-facilitator.ashx#axzz2sg7SRiQc

correction:  Qatars 'North Pars Gas Field',and  Iran's, is the northern-south pars field  

 

Fri, 02/07/2014 - 14:07 | Link to Comment Randoom Thought
Randoom Thought's picture

Lol ... either  

A, S&P has too much power, or

B. S&P is just cover for politically motivated control tactics for the banking elitist psychopaths.

We know for a fact that FX is well beyond manipulated and is absolutely controlled. We aren't so stupid as to believe that just went away now with a bank or two being called out on it, are we?

Gviing control of the world to bankers, intentionally or by default, is probably the most stupid thing I have ever heard of.

Fri, 02/07/2014 - 15:55 | Link to Comment ATM
ATM's picture

EMs with negative current account balances are all going to be crushed.

Do NOT follow this link or you will be banned from the site!