Turkey seeks IMF loan in wake of bank crisis

Turkey is seeking a loan from the IMF after a recent period of financial disturbance, which saw interest rates climb as high as 300%. The crisis occurred after 10 small to medium-sized Turkish banks went insolvent. The central bank said that it would investigate the banks for criminal activity. Ashok Shah, head of emerging markets equities at Old Mutual Asset Management, notes that the central bank has tried to inject some liquidity into the market, to impose some discipline and bring interest rates down but it has not worked. "It has reached the stage where the central bank is trying to...