It’s The Debt, Stupid!

Risk-On! Apparently, the Turkish lira crisis is all fixed after the country’s banking authority last night took a leaf from Washington’s bailout book and suspended mark-to-market accounting for banks. Presto, insolvent Turkish banks were given leave to live for another day, thereby enabling the plunging lira  (TRY) to rally by 5% and, in turn, causing U.S. stock futures traders to sound the all-clear and launch another round of […]
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