Turkish president Erdogan is addressing the lira's meltdown in Ankara
- We're taking necessary measures regarding the economy
- Important to maintain a firm political stance
- There are issues that need resolving, like rates
- Questions the dollar's jump from 4.8 to 7.0 against the lira
- No extraordinary situation that warrants a lira decline
- Turkish banks have not gone bankrupt
- Turkish economy is moving like clockwork
- US is targeting many nations economically such as China, Russia, Canada
- Economy is being used as a weapon against Turkey right now
- Nation has started to convert foreign currencies to lira
- Vows to boycott US electronic products
I'm not seeing anything here that is going to give the lira any meaningful boost. He's brushing aside a lot of the fundamentals on why the lira was in such a fragile state in the first place. Despite the pressure easing today, the same arguments for a weaker lira are still in place and by that reasoning it is difficult to imagine the lira pulling off a major sustainable rally unless something changes.
