The Turkish President has pressed for recounts of the voting tally in the Constantinople municipal elections
Cost of borrowing the currency using swaps surges to highest level in 18 years
Economy contracts in final three months of 2018 ahead of local elections this month
Erdogan says U.S. behind economic attack on Turkey
Last month the Turkish lira was sent into a tailspin by a bitter diplomatic spat with the United States
"If they have their dollars, we have our people"
Since the beginning of the year and until August 2018, Turkey's currency has been depreciated by 35%!
"The Turkish lira has lost its value and although we might flatter ourselves as being able to affect that, it is impossible"
"The lira has been one of the worst performing emerging currencies"
GAM, which has cleared its portfolio of all positions in Turkish assets, sees high inflation & a surge in foreign borrowing as signs of an unhealthy economy