How Markets Won: Erdogan Concedes a Hated Rate Hike to Save Lira
An emloyee holds a wad of 200 Turkish lira banknotes in a currency exchange in Istanbul, Turkey. (Photographer: Kostas Tsironis/Bloomberg)

How Markets Won: Erdogan Concedes a Hated Rate Hike to Save Lira

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(Bloomberg) -- Until the last moment, Turkey’s president was adamant. The lira’s downward spiral was just a bout of temporary volatility. There was no need for higher interest rates.
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