It was only a matter of time. With the Turkish central bank rapidly running out of foreign reserves to deflect a tsunami of domestic lira selling, now that its pig lipsticking gimmicks have been exposed to the entire world, it was not a question of if but when the lira would crack and again tumble below 6 against the dollar. That "when" was this morning, as Turkey’s currency suddenly plunged below 6.00 per U.S. dollar, triggering a volley of stop selling and touching its lowest level in almost seven months as authorities considered holding a new contest for the Istanbul mayor’s seat amid fraud allegations over the ... (full story)