Turkey’s economic crisis entered a tumultuous fresh phase, with its currency plunging to a original file low and President Recep Tayyip Erdogan making ready to meet the leader of a regional rival attempting to fetch international funding.

The lira slid as a lot as 18% Tuesday, before easing neutral a small, threatening to further shake the financial system by undermining confidence, making it extra tough for businesses to repay international-currency debt and rising the price of imported items, in particular oil. That could well well push the inflation price, at the moment at spherical 20%, even greater, further hurting households, analysts advise.

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