Lehman Brothers: Lessons learned - Two sides of the Turkish crisis
Under a new economic program, Turkey wants to cut its growth sharply and promised to curb public spending, as it seeks to avoid a full-blown economic crisis fueled by massive inflation and a plunging currency.
Some emerging economies, including Turkey and Argentina, could be forced to cut spending to bridge yawning deficits. As interest rates continue to rise in the US and Europe, there is no respite for them any time soon.
The fallout from Turkey's economic crisis may have eased somewhat, but the worst of it does not appear to be over. As DW's Gunnar Köhne reports, it is the country's poor who are being hit hardest.
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?
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