Turkey's moment of truth

Turkey is in the midst of a frightening financial crisis. What can be done to save its economy?

Turkeys flag
(Image credit: Chris McGrath/Getty Images)

Turkey is in crisis. And things will probably get considerably worse before they get better.

Over the last several days, the Turkish lira has plunged against the U.S. dollar, falling as much as 20 percent before recovering ever so slightly. But it remains near record lows, down 70 percent over the year. Turkey is grappling with interest rates of almost 18 percent and inflation of 16 percent. Analysts fear the crisis will soon spread internationally.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.