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.