$80 Oil Could Tip Turkey into Full-Blown Recession

Turkey may have earned itself a bit of a reprieve when Erdogan "allowed" the Central Bank to hike interest rates to head off a total lira dive, but now he's got another problem brewing: Interesting piece on WSJ about what $80 oil could mean for Turkey: full-blown recession because it's too dependent on foreign oil. 

https://www.wsj.com/articles/the-real-victim-of-oil-above-80-turkey-1537888714

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The Turkish central bank is to blame for this - $80 oil would not have been a problem if the Lira would not have collapsed.

Perhaps they can strike a discount deal with Iran?

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Erdogan is to blame, since the Central Bank has pretty much lost its independence, or close enough. Sure he's holding out for a deal with Iran now as the 'last man standing' when Europe fails to save the Iran nuclear deal. Just today, Erdogan reiterated that he's going to ignore US sanctions. 

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