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Economic Collapse in Turkey can bring Spain and Italy Down with it

The crisis that is affecting Turkey risks triggering a lethal domino effect on the European markets, including Italy. Since the beginning of the year the Turkish lira has depreciated by 30%, thus bringing the spectrum of a crash in the financial system of Ankara which could overwhelm the European banks, until yesterday engaged in substantial investments in Turkey.

To risk more are the Spanish banks with credits of 83 billion, then there are the French with 40 billion and Italian banks, which in Turkey have credits for 17 billion euros. These are very heavy names such as BNP-Paribas, BBV and Unicredit, terrorized by the prospect of insolvency of the Turks and in any case by the loss in value of the stock due to the galloping inflation and the fall of the Turkish lira.

Even if Italy has smaller investments than other European countries, the contagion risk is high for its very high public debt and the fact that it is impossible to make a deficit. A situation that also complicates the budgetary maneuver of the new Italian government, in a scenario that could even worsen if Ankara does not slow down the crisis and thus unleash fear in the markets.

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