The Islamst terror state tyranny is having a bad day in the financial markets.
Turkey’s lira took centre stage, pushing through the key 5 to the dollar level overnight to hit a fresh record low after Washington imposed sanctions on two Turkish ministers over the trial of an American pastor. Ankara has vowed to retaliate.
The battered currency has dropped nearly 5 percent in the past four sessions and has tumbled more than 25 percent since the start of the year. Turkey’s dollar-denominated bonds tumbled across the curve with many issues dropping nearly 2.5 cents, while credit default swaps soared to 6-1/2 year high.
The sharp deterioration in relations with Washington is just the latest tremor rippling through Turkish markets. Investors have been spooked by the president pushing for lower interest rates in the face of stubbornly high inflation and appointing his son-in-law to oversee the economy while ousting more familiar and market friendly faces, as well as a plethora of geopolitical tensions.
Turkey has never been this vulnerable. And Erdogan’s decision to pick a fight with America by holding our hostages could not have come at a worse time for the Islamic terror state of Turkey.
Instead of releasing Pastor Brunson, after Trump’s warning, Turkey’s Islamic regime doubled down.
Read the full story from Front Page Mag
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