Well, not so slowly. And investor sentiment turns on a sixpence (strange - they always know these things can happen ...) - I am aware of one big private equity power plant deal that has foundered because of this very recent currency volatility: and the Turks need power plants - lots of them. These are the kind of crises-in-confidence that spiral downhill quickly.
Ambrose in the DTel paints an ugly picture:
World risks deflationary shock as BRICS puncture credit bubbles As matters stand, the next recession will push the Western economic system over the edge ... Eurostat data show that Italy, Spain, Holland, Portugal, Greece, Estonia, Slovenia, Slovakia, Latvia, as well as euro-pegged Denmark, Hungary, Bulgaria and Lithuania have all been in outright deflation since May, once tax rises are stripped out. Underlying prices have been dropping in Poland and the Czech Republic since July, and France since August.Wow: here we go again ? One could imagine quite a flight of capital (to the extent people can get it out of places like China and Russia in times of crisis) and we all know where that ends up. UK house price bubble, anyone ?
And a holiday in wonderful Istanbul ? By-passing Taksim square, perhaps.