Turkey& #39;s financial stress continues to be remarkably simple to explain: Turkey is running a current account deficit (now almost $25b on a trailing 12m basis, and more if you annualize the recent numbers) without the financing from the world needed to sustain such a deficit
The result, inevitably, is pressure on Turkey& #39;s reserves -- as reserve sales have been needed to make up for the shortfall in the financial inflows needed to sustain current account deficits