E' un gioco al logoramento ... con prosciugamento delle riserve della Banca Centrale.
Poi il Re resterà nudo.
...il debito con cosa lo ripagano?
Furthermore, it is very likely that Turkey has been using these very swaps to support the lira. The central bank did not directly respond to an FT question about the use of funds, nor to a question about whether it used measures to prop up the currency since March 31 elections. However, it did say "a variety of factors could account for the shifting total."
With little left in its defense, the central bank has demanded that analysts are wrong to focus on a net international reserves figure that is published once a week, and instead stressed that international reserve adequacy measures used the gross figure to test a country’s preparedness. And while Turkey’s gross foreign reserves stood at around $77BN in the first week of April, that number too is irrelevant considering the elephant in the room which we discussed last summer:
Turkey has $177bn in short-term external debt coming due in the next 12 months; it has nowhere near the funds to repay it, virtually assuring some form of default and IMF bailout is inevitable.
"There’s a general unease about what’s going on behind the scenes,” said Tim Ash, an emerging markets strategist at BlueBay Asset Management. A lack of transparency was undermining the bank’s already fragile credibility, he warned.
“The bottom line is that they don’t have enough, whether it’s net or gross,” Ash added.
"Everyone in the market knows that Turkey doesn’t have enough foreign currency reserves to mount a sustained and credible defence of the lira."
The only question is when will the price of the lira, which at the current level of 5.75 vs the dollar is wildly overvalued, start reflecting Turkey's dismal situation.