The Turkey problem might be bigger than we realise:
"Contagion risks center on Spanish, Italian and French banks exposed to Turkish foreign currency debt, as well as Argentina and South Africa,” warned analysts at ANZ... “Turkey’s massive pile of corporate debt denominated in foreign currencies, but a rapidly sliding currency – and inflation that’s threatening to go exponential – is a toxic combination.”
But the finance minister said they have an action plan for Monday, so there could be a bounce, depending on the quality of the announcement. Either way, volatility is guaranteed for this week.
