Fitch analysis roils markets, lira

Comments by Ed Parker of credit rating agency Fitch talking down Turkey's economy shook markets yesterday and hurt the lira. Speaking to business news channel Bloomberg HT, Parker said, "Turkey is more open to crisis than other developing countries due to its current account deficit. A grade increase (by Fitch) is uncertain." After the statements, the Istanbul Stock Exchange (ISE) fell while the dollar and euro rose against the lira. Criticizing the comments, Economy Minister Zafer Caglayan cited the rosy assessments Fitch gave Ireland in 2008, just before it was engulfed by crisis.