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Turkey has become increasingly dependent on overseas investors (and probably some wealthy domestic investors, too).Given these slowly gestating factors, markets have long assumed that Turkey was headed for a currency crisis. Now that the crisis has finally come to pass, it is Turkey's population that will bear the brunt of it. Turkish President Recep Tayyip Erdogan's leadership will both complicate matters and give Turkey some leverage. As for Turkey's leverage in the current crisis, it is worth remembering that the country has a large and youthful population, and thus the potential to grow into a much larger economy in the future.Erdogan and his advisers would be deeply mistaken to think that Russia can fill Turkey's financial void. A Kremlin intervention would do little for Turkey, and would likely exacerbate Russia's own financial and economic challenges.On Aug. 13, a White House spokesperson confirmed that the Trump administration is watching the financial-market response to Turkey's crisis "very closely".
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