Thomson Reuters
- The Turkish lira has fallen more than 10% against the dollar after a Turkish delegation in Washington failed to prevent US sanctions.
- There are concerns that contagion could spread to Europe. The euro dropped below 1.15 against the dollar on Friday.
- "[The lira] is falling so fast that a parachute is the first thing that comes to mind to prevent the lira smashing into the ground," Bart Hordijk, Market Analyst at Monex, Europe told Business Insider.
- Turkish President Recep Erdogan and his newly appointed finance minister Berat Albayrak are due to speak at 2 p.m. local time today.
- You can follow the lira price live on Markets Insider.
The Turkish lira hit an all-time low against the dollar on Friday and there are growing concerns that the country's economic troubles could spread to the eurozone.
The lira fell 7% against the dollar to $5.9655 on Friday morning after hitting an all-time low earlier in the session. The overall drop for the year to date is over 35%. The fall has come as Turkish President Recep Erdogan has moved to take greater control of monetary policy.
See the rest of the story at Business Insider
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