I was recently reading an article about Erdogan declaring that Turkey will not rely on international aid to help high interest rates and to help the value of the lira increase, but rather he will support actions that stimulate the Turkish economy like production and employment. This sent me on a rabbit hole, where I examined the conversion rates of the lira and the United States dollar. Right now, one lira is not even equal to a penny, which is absolutely insane. I am curious to know how that affects the Turkish people, and how much their average salaries are. Apparently, this economic crisis has been happening for a while as well. I wonder how long it will take for Turkey to recover, and if other countries will need to bail them out – like with the European Union and Greece.
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The conversion to the US Dollar is insanely low, which must make it disturbingly difficult for those attempting to immigrate over to the US from there. Additionally, I believe that although it is optimistic to put reliance on production and employment, there will eventually have to be some form of bail out, as the fluctuation of the currency is at such an extreme. The bail out may not be as large as the Greece and EU package was, but there certainly must be some for assistance that will be delivered. Very thought provoking and informative article!