Tradelines News

Get the latest news and updates on cross-border customs and international trade.

Turkey’s Lira Crisis Puts European Economies at Risk, Says Expert

Posted August 15, 2018

Under Economic Issues, International Trade Issues

(CBC Radio)

As the Turkish lira tumbles, one expert warns the county’s currency crisis could spread beyond its borders, particularly other European economies.

The Turkish lira hit a record low of 7.23 per dollar on Sunday, after President Recep Tayyip Erdogan remained defiant in a standoff against its NATO ally the United States.

“The crisis could have a kind of contagion effect, or ripple effect, through Europe,” said Nilgün Önder, an associate professor of politics and international studies at the University of Regina. [...]

Önder​ wants the Turkish government to take the current financial crisis more seriously. She suggested a “full-blown crisis” could have been prevented if Turkish authorities took necessary measures.

“President Erdogan keeps referring to an ‘economic war’ with the United States, putting the blame on some type of foreign conspiracy. All that talk sort of undermines investors confidence in the Turkish economy,” she​ said. Click here to read more.