Turkey fails to halt lira carnage, Erdogan slams 'stab in back'

Turkey's central bank on Monday failed to halt the precipitous plunge of the lira with a raft of measures aimed at soothing markets, as President Recep Tayyip Erdogan accused the United States of seeking to stab its NATO ally "in the back". A dispute between Turkey and the United States -- which reached new intensity over the detention of an American pastor -- has hammered the lira and also raised questions over the future partnership between Washington and Ankara. As the lira plunged another seven percent in value, investors fretted over potential economic contagion from Turkey, particularly to European banks.

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