– Turkey Warns “Speculators Will Be Burned” As Lira Collapses To Record Lows (ZeroHedge, March 5, 2015):
UPDATE: TRY now +6.5 handles at 2.6275…
The Turkish Lira is down over 4 handles again this morning as the currency’s collapse accelerates exponentially. Having devalued by 30% year-to-date amid Erdogan’s rage against central bank independence, selling its gold, threats of jail for not cutting interest rates, and rising repression of increasing social unrest, the country’s Economy Minister took to the TV today to expose the “hidden currency war” and blast ‘speculators’ (because only a speculator would pull his capital from such a ‘stable’ place) – “The manipulation of those who play with the dollar will explode in their hands and their hands will be burned.”
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