Turkish lira jumps after interest rate hike - Scallop wars: France-UK talks break down - Deadly bacteria threatens olive industry in Italy
Facing the harsh realities of global markets, Buenos Aires and Ankara have taken different paths to drive their domestic agendas. But, as global contagion fears recede, will Turkey follow Argentina and take its medicine?
Turkey's central bank has shown it has teeth, hiking interest rates beyond expectations to quell inflation and calm investor nerves. But as recession looms and Erdogan growls, Turkey is not quite out of the woods.
It is in Germany's interest for Turkey to be "economically prosperous," said Chancellor Angela Merkel. But she warned this couldn't be at the expense of state interventions, as the Turkish lira continues to drop.
The central bank said it will "provide all the liquidity the banks need" as the Turkish lira continues to tumble. Prosecutors have meanwhile threatened to go after those who "threaten economic security."
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