You’ve probably heard about economic troubles in Turkey. But what’s really going on and what caused it?
In simplest terms, Turkey is in the midst of a currency crisis. The value of the lira has dropped to record lows. Year-to-date, the Turkish currency has fallen 45% against the US dollar. The official inflation rate is over 15%, but economics professor Steve Hanke said the real annual inflation measured for today tops out at 101%.