Turkey: Imposed a three-month state of emergency - Rabobank

Stefan Koopman, Market Economist at Rabobank, notes that the Turkish lira fell to a new record low of 3.097 against the dollar after rating agency S&P cut the country’s credit rating to BB from BB+.

Key Quotes

“S&P also attaching a negative outlook to this view. Turkey has now imposed a three-month state of emergency, which gives Erdogan an almost carte blanche to continue its purge against army officers, judges, deans, and school teachers.”