Lira Crisis

 

The cost of insuring against Turkey’s government defaulting on its debt in the next five years has risen to its highest level in nearly two decades.

On Monday, credit default swaps hit an all-time high of 870 basis points, highlighting investor fears over the lira’s worsening depreciation and the government’s reliance on unconventional monetary policies to keep it afloat. The increase pushed CDS contracts above the levels seen during the global financial crisis of 2008 and all the way back to 2003 when Recep Tayyip Erdogan was elected Prime Minister of Turkey.

The yield on the country’s 10-year dollar bonds hit an all-time high of 10.6 percent on Monday as a result of rising CDS pressure.

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