Turkish Stocks Plummet on Political Corruption Claims
December 27, 2013
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TURKISH MARKETS GET CRUSHED
Massive Political Corruption in Turkey Spills into the Financial Markets
Turkish Prime Minister Under Fire. After a decade of political consolidation, Prime Minister Recep Tayyip Erdogan is fighting for his political life. As evidence of vast inner government corruption continues to seep forth, Erdogan has been desperately reshuffling leaders within his cabinet. Independent prosecutors are prepping corruption charges and claim Erdogan is blocking their investigation. In turn, Erdogan blames a widespread “conspiracy” of foreign plotters against his government.
Turkish Stocks, Currency Getting Crushed. Investors are fleeing Turkey’s stock market while foreigners are dumping Turkish bonds at the fastest pace in two years. The country’s currency (Turkish Lira) is also getting hammered. With a heavy debt and deficit load, more punishment for Turkey’s volatile market could be straight ahead. Meanwhile, PIMCO CEO warns of potential contagion… FTMDaily sees buying opportunity ahead, will alert Insiders.
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