Turkish lira crashes to record low on worries over economy, US row

ISTANBUL/ANKARA (Aug 10): Turkey's lira plunged as much as 14% on Friday as worries about President Tayyip Erdogan's influence over monetary policy and worsening US relations snowballed into a market panic that also hit shares of European banks.

The sell-off has deepened concern about exposure to Turkey, particularly whether over-leveraged companies will be able to pay back loans in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan.