Earlier this week, we dubbed Turkey’s unprecedented, bizarre intervention in the FX market Erdogan’s ” Whatever it takes ” moment in homage to Mario Draghi’s similar deus ex machina , and according to a Reuters report, this is more or less exactly what happened.
As a reminder, almost a decade ago when the euro was collapsing and was widely viewed as reaching parity with the dollar in the near future, then-ECB president Mario Draghi unveiled his “whatever it takes” pledge to keep the Eurozone from falling apart due to the extreme widening of sovereign spread during the debt crisis. Indeed, […]
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