Both countries’ currencies have plunged. Only one is taking the prescribed medicine
Tag: iconoclasm
Why Argentine orthodoxy has worked no better than Turkish iconoclasm
WHEN an emerging market loses favour with its creditors, how should its government respond? The policy prescriptions do not typically include intimidating the central bank, railing against the “interest-rate lobby”, falling out with allies, eschewing the IMF’s help, pouring scorn on the dollar or appointing the president’s son-in-law as finance minister. Turkey has done all […]
