Tuesday, December 1, 2020

Tag: Turkey’s Latest Mystery: Who Is Bailing Out The Banks?

Turkey’s Latest Mystery: Who Is Bailing Out The Banks?

from ZeroHedge:

Back in 2014, Turkey¬†emerged as the “mystery” hub¬†in what at the time may have been the most bizarre money laundering scheme ever (which also included China and Dubai), and involved some 200 tons of “secret” gold shuffled to Iran in order to allow the sanctioned nation to avoid US sanctions while continuing to export oil without getting paid in US dollars.

And while Turkey will likely be a key player in whatever sanctions-evading scheme emerges after November, when US sanctions on Iran come into full effect, a new mystery has emerged surrounding the battered emerging market nation whose currency has been one of the biggest casualties of 2018. This time, the “mystery” involves Turkey’s state banks, and specifically who bought 10.9 billion liras (or $1.8 billion) of subordinated debt in hurried sales last week?