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Turkey’s Borrowing Costs Soar as Crisis Enters New Phase
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wsj.comISTANBUL—Turkey’s financial strains worsened and the country’s business community went into revolt, signs that the currency crisis dogging the economy was heading into a dangerous new phase.
The lira plunged nearly 9% percent on Monday to more 17.86 against the dollar, a record low, after President Recep Tayyip Erdogan vowed to cut interest rates further in defiance of business leaders who have spoken out against the government’s monetary policy in recent days.
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