Australia may suffer from US economic conflict with Turkey
U.S. President threatens to destroy Turkey’s economy | Nine News Australia
The Turkish lira continues its free fall. Key financial metrics are becoming critical. Investors and analysts are convinced that the crisis can «infect» and other world economies.
The currency fell more than 40% against the US dollar in this year, and Ankara’s relations with Washington turned out to be hopelessly spoiled. In Europe, there is concern that Turkish companies that have borrowed foreign currency from large banks such as Spain’s BBVA, Italy’s UniCredit or France’s BNP Paribas may face problems with payments in euros or dollars, or default on these loans..
Australia is also not immune to fears of an impending financial crisis in Turkey. The Australian dollar fell to an 18-month low against the US dollar on Monday. Turkey can hardly be called Australia’s largest trading partner. It ranks 33rd with almost $ 1.3 billion in bilateral trade, but several Australian energy, construction, mining and agribusiness companies have invested large sums in the country, and today their well-being also depends on the further development of the conflict of the parties..
Earlier we wrote that an economic alliance from three countries gathered against China..
text: Evgeniya Likhodey, a photo: Kb-photodesign / Shutterstock Chart: Investing