Calis Beach and Fethiye Turkey Discussion Forum
Calis Beach Forum => Calis Beach Questions and Information => Topic started by: daveG on August 07, 2018, 17:07:22 PM
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Bloomberg ramping up even more pressure On Turk economy. Stating" desperate measures in the air in Turkey, trading rooms awash with talk of a bailout by the IMF. Not what our Reg wanted to hear! but I feel sorry for the man in the street who will eventually have to pick up the pieces.
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Are the banks in any danger as they were before?
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Just depends on how many of the wee mans shoe boxes they have.
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The actual answer is that they have government backed insurances in place (to a maximum level). So the question is more do you believe in the government if anything went bang...
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government backed insurances in place (to a maximum level).
A point worth making also, is that the 100,000tl compensation figure has been eroded severely by the fall in the lira - so if you have a GBP/USD/EUR account then the limit is just over £14k (and the equivalent in $ & €).
Some analysts (Goldmans (https://uk.reuters.com/article/uk-turkey-banks-capital-goldman/goldman-warns-fresh-lira-drop-could-wipe-out-turkish-banks-capital-buffers-idUKKBN1KS18Z)) have predicted 7tl to the dollar at some point in the near future, and if that were to happen several Turkish banks would be on a shoogly peg (Scottish financial term) due to their capital levels being eroded. They reckon Yapi Kredi are currently in a very weak position.
If it was me, I would be wary about keeping anything substantial in a Turkish bank right now.
JF
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Isn't there a pub called the Shoogly Peg in Edinburgh ?