Stocks Dive, Euro Falls, as Turkey Turmoil Ripples Out

Credit: Santeri Viinamäki

(From Reuters)

A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and U.S. government bonds.

The lira fell as much as 12 percent against the dollar earlier in the day, its worst day since Turkey’s financial crisis of 2001, on the back of a deepening rift with the United States, worries about its own economy and lack of action from policymakers.

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