No mention of bitcoin, but that seems not to matter anymore.
http://www.nytimes.com/2014/01/29/business/international/stress-on-turkish-currency-eases-before-central-banks-emergency-session.html?_r=0FRANKFURT — Turkey’s central bank aggressively raised rates late Tuesday, in a drastic move designed to bolster the currency. But it is unclear whether the move will be enough to satisfy international investors and repair the central bank’s reputation.
The decision comes as Turkey faces increased political and economic pressure to take action. The Turkish lira has been among the most battered of developing-market currencies in recent weeks. Following the central bank’s decision, the lira strengthened in after-hours trading.
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Since the middle of last year, when the Federal Reserve sent tremors through international financial markets by announcing that it would pull back from its bond-buying program, Turkey has become a charter member of the “fragile five” — the finance industry’s recently minted nickname for emerging economies with vulnerable currencies.
Other countries in this club include Brazil, South Africa, Indonesia and India. Such countries are highly dependent on skittish foreign investors to finance their growth ambitions. The Fed’s plans, which portended higher interest rates in the United States, made dollar-denominated debt seem more attractive compared with the higher-yield, higher-risk debt of the fragile five.
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