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Jaymes

Istanbul

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The Argentine Peso and Turkish Lira appear to be having a fight to death to determine my 2014 holiday.

 

I saw somewhere today that Turkey raised 2.5 bil in EUR debt and spent 2.5 bil EUR to support the currency this week. I hope that's true - because my 4 rate is probably inevitable.

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Reminded by the news today of a trip I made to Istanbul -- when? Mid-90s? -- when I changed my sterling every couple of hours throughout the day because I'd get hugely more lira every time.

 

Glimpse of wild inflation in action.

 

I also got threatened with a dancing bear, but that's a whole story.

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A good thing Bonner didn't buy that tower.

 

But it seems more likely to be stabilized (turkey I mean, not the tower) than default.

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