Turkey needs a better PowerPoint


Colby Smith at FT:  No, a PowerPoint presentation won’t fix this.

Instead, investors need to see the following, says Matys:

The market expects concrete measures to address economic imbalances accompanied by a specific timetable. Ideally, structural reforms should be overseen by the IMF, but one has to be realistic that it is very unlikely that Mr Albayrak will visit Ms Lagarde in the near future.

As recently as February, Erdogan ruled out any kind of deal with the IMF, stating that the country’s IMF chapter is closed for good. Until it reopens, expect more volatility.