Eurozone and Slovakia not affected by Turkish crisis

The Turkish financial crisis is starting to affect Europe, especially the banking industry. Despite the fact that the Turkish government is late with its countermeasures the Eurozone and Slovakia will probably avoid the crisis.

editor: REMIX NEWS

According to Slovak analysts the developments in the Turkish economy will influence mostly Spanish, Italian and French banks.

The local currency, the lira weakened by 21 percent against the euro, paired with the inflation and the debt-ridden companies that can negate the growth of the local economy.

Katarína Muchová, an analyst from Slovenska sporitelna emphasized that besides the fluctuation in the market and the value of the euro there is no direct impact on the Eurozone and Slovakia.

In the long run a few experts count on a weakened common currency. The European Union and Turkey have relatively strong business ties, the majority of the Turkish export goods come onto the member states markets.



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