Turkish Lira Decline Steepens Ahead of Weekend Elections

The video discusses the recent turmoil in Turkish markets, focusing on local elections and the authorities' attempts to prevent short selling. It highlights the impact of high interest rates and compares Turkey's currency performance with other emerging markets. The discussion extends to the global market impact, particularly the drop in US and European interest rates. The long-term challenges for Turkey, including foreign currency borrowings and investor confidence, are also examined.

What is the significance of the overnight swap rates mentioned in the context of Turkey?

In what ways might the turmoil in Turkey affect other emerging markets?