(CNN) The worst may be yet to come for Turkey.
The Turkish lira has dropped more than 40% against the dollar since January, thrashed by a potent mix of confrontational politics, economic policy confusion and US interest rate hikes. The escalation of a political spat with the United States has fueled volatility and further devalued the lira against other currencies.
Turkish citizens hoping for relief may be left disappointed.
Turkey has the hallmarks of a classic emerging market crisis: Peter Dixon https://t.co/G1eD1O6dGc @MorningsMaria @FoxBusiness
— Maria Bartiromo (@MariaBartiromo) August 13, 2018
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