Here's How Erdogan Launched His Lira "Rescue" Plan, And Why It Spells Doom For Turkey

From zerohedge.com

Earlier this week, we dubbed Turkey's unprecedented, bizarre intervention in the FX market Erdogan's "Whatever it takes" moment in homage to Mario Draghi's similar deus ex machina, and according to a Reuters report, this is more or less exactly what happened. As a reminder, almost a decade ago when the euro was collapsing and was widely viewed as reaching parity with the dollar in the near future, then-ECB president Mario Draghi unveiled his “whatever it takes” pledge to keep the Eurozone from falling apart due to the extreme widening of sovereign spread during the debt crisis. Indeed, even though Draghi’s ... (full story)