Turkey headed for debt default, In Conversation with Richard Berner
Commentary: Turkey headed for debt default
By Desmond Lachman in Washington
Behind Argentina, Turkey has the dubious distinction of having the world’s second worst performing currency. President Recep Tayyip Erdoğan’s mishandling of his country’s currency crisis heightens substantially the probability that Turkey will soon default on its external debt. At the heart of the swooning Turkish lira has been the loss of domestic and foreign investor confidence in the government’s ability and willingness to correct the large economic imbalances built up by years of overly easy monetary and fiscal policies.
Read the full commentary on the website.
Mark Sobel, US chairman of OMFIF, speaks with Richard Berner, executive-in-residence at the centre for global economy and business at the New York University Stern School of Business, and adjunct professor in the department of economics. Between 2013-17, Berner served as the first director of the Office of Financial Research in the US Treasury.
Berner and Sobel discuss financial stability, the standardisation of data, better data transparency and continued monitoring.
Listen to the recording, or search for OMFIF on your smartphone’s podcast app.