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Eliezer Fishman: said to have been hit for $400 million |
“Slowly up the stairs and rapidly back down on the escalator” is how one veteran foreign exchange trader describes the typical behaviour of high-yielding emerging-market currencies. Those speculators who got burnt by the recent plunge in the Turkish lira will fully agree with the sentiment. Turkey had been portrayed as one of the bigger success stories in the emerging markets. The country’s inflation had fallen from a peak of around 73% at the beginning of 2002 to almost 7% in June 2004.
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