Investors Scramble for Liras as Turkish Swap Rates Touch 1,000%
- Cost of borrowing currency offshore surges 40-fold in 3 days
- Bonds and stocks tumble as traders seek other sources of lira
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Investors dumped Turkish bonds and stocks on Wednesday after the nation orchestrated a currency crunch to prevent the lira from sliding days before an election that will test support for President Recep Tayyip Erdogan’s rule.