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Turkey’s Lira Disaster Exposes Reliance on Imported Power

Turkey’s Lira Disaster Exposes Reliance on Imported Power

Turkey’s foreign money disaster has uncovered a key weak point in its financial system: a close to complete dependence on imported power to maintain households heat and factories buzzing. 

Turkey is surrounded by among the world’s richest reserves of fossil fuels, within the Center East and Central Asia, however produces little oil, fuel or coal of its personal. The nation imports 93% of the oil and 99% of the fuel it consumes, a vulnerability when power costs in {dollars} climb and the lira slides.

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