‘This Will Definitely End in a Horrific Crisis Like Lebanon’ – British Economist on Turkey

British economist Timothy Ash has compared the fate awaiting Turkey's economy to that of Lebanon's when the latter country was on the brink of default.

The issue of dollar liquidity created in Lebanon's central bank and the reduction of foreign currency reserves opened the path to serious crises. This is reported by Ermenihaber.am.

In April, the Lebanese government, which reached the brink of bankruptcy, managed to keep the country afloat only thanks to a deal struck with the International Monetary Fund.

Similarly, in Turkey, it is currently impossible to halt the depreciation of the lira and the very high rates of inflation. Ash, commenting on the measures taken by Turkey's Finance and Treasury Ministry to alleviate the situation, stated, ‘Every passing day, Turkey’s financial picture increasingly resembles that of Lebanon. This will definitely end in a horrific crisis like Lebanon. The only question is when it will happen.’