Reported about 9 hours ago
Turkish markets experienced significant turmoil after the detention of Ekrem Imamoglu, Istanbul's popular mayor and main rival to President Erdogan, raising fears of political instability. The lira dropped sharply, leading to an $8 billion intervention by state lenders to stabilize the currency. As investors reacted by selling off government debt, the stock market triggered a halt with losses nearing 7%. The incident underscores the ongoing risks in Turkey’s political landscape following Erdogan's lengthy time in power.
Source: YAHOO