“Absolutely. First it was Argentina, now Turkey. The country has been able to fund very high growth, in the face of large external imbalances, by tapping the easy money created by QE [quantitative easing, by the US Fed or the eurozone’s ECB, among others]. As markets begin to look ahead to an exit from QE, funding conditions are getting systemically tougher for Turkish banks, just as they are for other Ems [emerging markets],” Marcus Chenevix, a financial analyst for Turkey at London-based TS Lombard, told ICIS.
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