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Aspiring Lawyers - Interviews & Vacation Schemes
Commercial Awareness Discussion
Commercial Awareness Update - August 2018
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<blockquote data-quote="Coralin96" data-source="post: 1530" data-attributes="member: 15"><p>Another update <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p><p></p><p style="text-align: center"><u>Turkey's struggle</u></p> <p style="text-align: center"></p><p><strong>The story:</strong></p><p></p><p>Turkey has been battling a currency crisis as the Turkish Lira has been in decline for some time now. There are a number of reasons behind this, one of them being the government's policy against high interest rates, which has caused the Lira to lose value and prices to rise. Rising prices has turned away investors from buying the currency and existing investors have sold the Lira, causing the currency's value to fall even more.</p><p></p><p>Recently, the crisis escalated after Andrew Bruson, a pastor and American citizen was accused of terrorism and imprisoned by Turkey. Donald Trump responded to this by launching tariffs and economic sanctions against Turkey, which has reduced investor confidence in Turkey even further, causing the Lira to fall.</p><p></p><p><strong>Impact on business and law firms</strong></p><p><strong></strong></p><p>The Turkish Lira has lost a fifth of its value in August, which has raised the cost of Turkey's debts in foreign currencies. </p><p></p><p>Investors are concerned about whether Turkey can pay its international bonds. This has also fuelled fears of contagion, whereby Turkeys currency crisis and recession could spread to other nations.</p><p></p><p>As The Economist notes: the South African rand and the Indian rupee have fallen. Argentina has also been forced to raise interest rates.</p><p></p><p>Western governments - aside from Trump - are cautious with Turkey because they rely on the country to hold Syrian refugees. This conflict may also lead Turkey to become closer to Russia or China.</p><p></p><p>Lawyers will need to advise investors in Turkish bonds about the consequences of a default by Turkey. Companies that are exposed to Turkey will also need to consider alternative trade routes or opportunities to re-negotiate their contracts.</p></blockquote><p></p>
[QUOTE="Coralin96, post: 1530, member: 15"] Another update :) [B][/B] [CENTER][U]Turkey's struggle[/U] [B][/B][/CENTER] [B]The story:[/B] Turkey has been battling a currency crisis as the Turkish Lira has been in decline for some time now. There are a number of reasons behind this, one of them being the government's policy against high interest rates, which has caused the Lira to lose value and prices to rise. Rising prices has turned away investors from buying the currency and existing investors have sold the Lira, causing the currency's value to fall even more. Recently, the crisis escalated after Andrew Bruson, a pastor and American citizen was accused of terrorism and imprisoned by Turkey. Donald Trump responded to this by launching tariffs and economic sanctions against Turkey, which has reduced investor confidence in Turkey even further, causing the Lira to fall. [B]Impact on business and law firms [/B] The Turkish Lira has lost a fifth of its value in August, which has raised the cost of Turkey's debts in foreign currencies. Investors are concerned about whether Turkey can pay its international bonds. This has also fuelled fears of contagion, whereby Turkeys currency crisis and recession could spread to other nations. As The Economist notes: the South African rand and the Indian rupee have fallen. Argentina has also been forced to raise interest rates. Western governments - aside from Trump - are cautious with Turkey because they rely on the country to hold Syrian refugees. This conflict may also lead Turkey to become closer to Russia or China. Lawyers will need to advise investors in Turkish bonds about the consequences of a default by Turkey. Companies that are exposed to Turkey will also need to consider alternative trade routes or opportunities to re-negotiate their contracts. [/QUOTE]
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Commercial Awareness Update - August 2018
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