Turkey’s Depreciating Currency
In Washington D.C., Turkey met recently with the International Monetary Fund, to which it owes millions in loans. The country has been hit severely by the economic crisis and its currency’s value is rapidly declining. A deal has been worked out concerning its debt and future loans, although the details of the agreement are still under negotiation.
Turkey’s crippled economy needs to recover soon. The country is struggling to build an economic foundation, but is becoming increasingly smothered by debt.
Olorunbunmi Hambolu
