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Source: https://www.lowyinstitute.org/the-interpreter/conspiracy-and-cronyism-turkey-s-economic-spiral
Turkey's Economic Spiral
(The Interpreter-Lowy Institute-Australia) Aykan Erdemir and John Lechner - Turkey's economy has been in free-fall in recent months, with the lira losing 40% of its value against the U.S. dollar this year. Nearly 90% of the credit that has funded the country's real estate bubble came from loans in foreign currencies. European lenders are exposed to Turkey with over $160 billion worth of loans. With the lira's massive devaluation in 2018, servicing that debt has become incredibly difficult for Turkish companies. Aykan Erdemir is a former member of the Turkish parliament and a senior fellow at the Foundation for Defense of Democracies, where John Lechner is an intern.