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Turkey is bankrupt

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Re: Turkey is bankrupt

Postby Maximus » Sat May 16, 2020 3:02 am

I have just received word that some brokerages have stopped accepting new positions on TRY currency pairs.

These are market making brokers that profit when their clients lose.

They can see the fall out in the Lira and dont want to pay out the easy money on their clients positions shorting it. They are probably expecting further declines in the Lira like everyone else. :lol:

Dogogan is struggling to shore up international funding to save the economy. Probably because of his huge ego and pride. But he has scared away investors from his corrupt dictatorship and pirate tactics in the region. They are not so forthcoming with their money. The IMF is his main hope but that seems like it has been abandoned. Turkey basically has a one party governance, with most of the electorate still supporting the corrupt priate regime of the AKP. The CHP is the only other party that meets the minimum 10% election threshold and they still dont have enough support to govern.

The main opposition are being called "terrorists" and it wont be long until the infighting probably starts.

Blimey........none of this bodes well.

At least the delusional trolls are still out in force commenting on foreign media that the EU is broke and they are better than Greece. :lol:
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Re: Turkey is bankrupt

Postby repulsewarrior » Sat May 16, 2020 4:46 am

...i was full of hope, i remember, when he was first elected more than a decade ago; but quite clearly he did not take much time to turn on the Kurds and then, that was the end of that.

...yet i still have hope for Erdogan, as i've said before because such a man has the capacity to create a great Legacy; either in Fame or Infamy: it is a matter of intentions.

...indeed, it is a matter of confidence, in any case; more of a game perhaps, to those who do not want to play to any rules.
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Re: Turkey is bankrupt

Postby repulsewarrior » Sun May 17, 2020 9:46 pm

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Re: Turkey is bankrupt

Postby Maximus » Mon May 18, 2020 5:53 pm

despite it all, support for opposition parties is still not high enough.

even though support for the regime is waning they would still muster enough votes to remain in power.

The electorate get the government and the type of country they deserve.

Broke, corrupt and an international reputation in complete disrepute. As always.

It really is a banana republic.
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Re: Turkey is bankrupt

Postby Kikapu » Mon May 18, 2020 6:37 pm

Maximus wrote:despite it all, support for opposition parties is still not high enough.

even though support for the regime is waning they would still muster enough votes to remain in power.

The electorate get the government and the type of country they deserve.

Broke, corrupt and an international reputation in complete disrepute. As always.

It really is a banana republic.


The voting system is not democratic in Turkey. :oops:

Only Erdogan’s ruling party has all the right during election period in advertising, intimidation of the opposition, jail opponents and journalists, count fraud and re-election if he loses. :shock:

And Turkey wants to join the EU and believe the EU needs Turkey more than ever due to the Coronavirus. :D
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Re: Turkey is bankrupt

Postby CrookedRiverGuy » Mon May 18, 2020 6:54 pm

Maximus wrote:It really is a banana republic.


Indeed, but let us be frank about it. Cyprus does not make the cut either.

Wikipedia:
The Corruption Perceptions Index (CPI) is an index published annually by Transparency International since 1995 which ranks countries "by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.The CPI generally defines corruption as "the misuse of public power for private benefit".


According to this index, Cyprus' score is closer to Turkey's than to the (mostly) Northern European countries topping the list:

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Re: Turkey is bankrupt

Postby Maximus » Mon May 18, 2020 7:39 pm

Cyprus is miles away from Turkey.

considering that there are 195 countries in the world, Cyprus ranks in the top 20% of least corrupt countries, in the world.

Besides, this is a corruption perception index. An index compiled by an organisation based on perceived levels of corruption.

Now, I am not saying that there is no corruption in Cyprus. Not that I know too much about that because it is just perceived but it does seem that Cyprus is 80% less corrupt than the rest of the world.

Rank 41 is closer to rank 10 (Britain is somewhere between 41 and 10) than it is to 91.

Cyprus is closer to the united states and Britain in perceived corruption than it is to Turkey. it is even closer to rank 1 than it is to 91. :roll:

So let be frank about it, Cyprus is not as corrupt as some people would like you to believe. That is just their perception.
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Re: Turkey is bankrupt

Postby Maximus » Thu Aug 06, 2020 11:11 am

That Lira is in free fall again,

The market seem very angry,

The currency hasn't seen single day price moves of this magnitude for the last couple of days in a long time.

A new all time low ( and beyond ) is likely in the coming days.
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Re: Turkey is bankrupt

Postby Kikapu » Thu Aug 06, 2020 12:05 pm

Maximus wrote:That Lira is in free fall again,

The market seem very angry,

The currency hasn't seen single day price moves of this magnitude for the last couple of days in a long time.

A new all time low ( and beyond ) is likely in the coming days.

Turkey does not have the usual foreign currency from tourism this year which it depends on.
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Re: Turkey is bankrupt

Postby Maximus » Thu Aug 06, 2020 2:11 pm

No doubt that would help but there is more to it than that.

The problem is systemic.

Foreign money is leaving the country in record numbers,

$893 million worth of stocks was sold last month alone, the highest amount on record.

And since my last post, the TRY is about 2 cents away from crashing through the floor again.
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