Turkey - State of affairs (NY Times)

To be honest I was just doing some morning reading, not looking for anything in particular regarding GSL and came across this front page article in the NY Times.

Turkish Lira has collapsed 40% this year (30% of that in the last month alone). Any deals done in US Dollars are now effectively significantly more expensive to any Turkish entity.

A $US 8m deal in May would cost the bearer 32 000 000 Lira. Today, that same commitment would cost 51 280 000 Lira.

"The currency’s sharp decline has reflected concerns about the fundamentals of Mr. Erdogan’s economic model, which has depended on a voracious construction industry that his opponents say has enriched his inner circle while heaping debt on the country. The even steeper fall in the lira since Mr. Erdogan’s re-election is now fueled by worries that he is ever more insulated and is taking no one’s economic advice but his own."



https://www.nytimes.com/2018/08/10/...column-region&region=top-news&WT.nav=top-news