Interesting post John, I was in the UK during what is described as "the downfall of Western economies" which led to massive job cuts, near zero interest rates and austerity measures affecting mainly unemployed on benefits and social service provision.
The direct impact it had on me personally was that my mortgage payments got significantly cheaper each month, I was lucky enough to keep my job, a few libraries closing had little effect on me and neither did the changes to social security benefits. My limited amount of capital in the bank did not get lost or confiscated although of course any interest was lost but this was more than compensated for through my lower mortgage payment.
And so to the serious question, what will be the direct effect I feel if Turkey heads into a serious recession as indicated by the Forbes article? I realise inflation may be a factor but despite what RTE says, governments seem to exhibit very little creativity in tackling inflation than to raise interest rates, which for me would be a big offset to rising inflation.
My capital held here is spread and protected by the bank guarantee scheme, a weakening lira will enhance the lira value of the sterling pension I exchange each month. I own my house so don't need to worry about rising rental rates. At 60 years of age, I've lived through several recessions and one thing I've noticed is that you come out the other end, normally leaner but stronger.