Here's What the Collapsing Turkish Lira Means For the US: Market Recon

Crisis !!

You kind of thought that maybe you'd just ease on into the weekend, didn't you? Who could blame you. Well, forget it. While most of you were catching up on your beauty rest, the Turkish lira was collapsing versus the US dollar. Big time. At the morning's trough, the lira traded at more than 6 to the greenback. The Financial Times reported overnight that the European Central Bank is growing increasingly concerned that certain Eurozone lenders may be over-exposed to Turkish currency fluctuations. Spain's BBVA (BBVA) , Italy's UniCredit (UNCRY) , and BNP Paribas (BNPQY) of France are specifically named in the article as having drawn the scrutiny of the ECB's Single Supervisory Mechanism. In short, what a couple of days ago seemed like peripheral news is now front and center....1434 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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