Friends, Add Turkey to the list of countries to watch closely in these days. On top of Argentina and Brazil, I see "shock waves" emanating from Turkey to hit the fan soon.
Could this observation of mine be related to the celestial three body problem you once mentioned Ian? Prime Minister Bulent Ecevit had his medical check up today and the Istanbul Stock Exchange 100 Index fell by about 5%. Turkish lira got smashed too: Today, US dollar increased 3.2% whereas Euro increased 5.2% against the Turkish Lira. Sabri +++++ New minimum wage announced Both the stock market and the lira take a beating on Wednesday June 26— Turkey’s Minimum Wage Fixing Commission has set the new base salary for Turkish workers, which is to come into force on July 1, 2002. The new gross minimum wage, which will be effective until the end of year will be Tl 250,875,000 million, the equivalent of $154. However, actual take home pay will be Tl 184,251,000, which equates to $113, the same as it was six months ago. On the same day that the new minimum wage was announced, Turkey’s economic woes increased, with both the stock market and the lira hitting year lows. The Istanbul Stock Exchange 100 Index fell by 467.35 to close at 8,627.42 while the lira was being quoted by the Central Bank at 1,628,086 to the US dollar and 1,612,620 to the euro. Full: http://www.ntvmsnbc.com/news/160498.asp
