Lira Briefly Erases Monday Losses As Turkey Halts Mark-To-Market Accounting

Update: It's not working...

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Endless headlines from Erdogan and his son-in-law this morning did nothing to shift the Lira but the beleaguered currency is bouncing back to unchanged from Friday after reports that lenders will be allowed to restructure loans with no mark-to-market impact to their balance sheets... Just like America did in 2009.

And the Lira is 'fixed'...

Specifically, as Bloomberg reports that Turkish banking regulator BDDK has approved new rules on loan restructurings. Banks can extend maturities, refinance, lend new loans, seek new collateral and sell debtors’ assets against receivables under the new regulation which will allow lenders to temporarily (there's that word again) suspend reflecting the negative impact of mark-to-market security losses on their capital adequacy ratio calculations.

Long way to go yet...