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Turkish lira in historic 15% crash after Erdogan stokes fire sale

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Reuters

By Daren Butler and Nevzat Devranoglu ISTANBUL (Reuters) – Turkey’s lira nose-dived 15% on Tuesday in its second-worst day ever after President Tayyip Erdogan defended recent sharp rate cuts, and vowed to win his “economic war of independence” despite widespread criticism and pleas to reverse course. The lira tumbled to as low as 13.45 to the dollar, plumbing record troughs http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.html for an 11th straight session, before paring some losses. It has shed 45% of its value this year, including a near 26% decline si…

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