Turkey is heading for a classic currency crisis.  All of its reserves and then some are borrowed.

Turkey is in a bit of financial trouble. It isn’t clear that today's rate hike on its own will be enough. The rate hike will make the lira a bit more attractive to foreign investors (and will raise t…

Selling reserves borrowed from the banks ultimately puts the health of Turkey's banks at risk.

The current account has improved, but Turkey's underlying financial vulnerabilities remain.

Pay attention to banking system's foreign currency exposure to the government ...