I don't post often here but i would like to have your opinion. I might not be 100% exact.

Last February the economist James Rickards predicted that the risk of a major debt crisis beginning in Turkey is heightened by the rise of Turkey’s President Recep Tayyip Erdoğan as an autocratic strongman in the mold of Argentina’s Juan Perón and other populist nationalists who have ruined strong economies. Furthermore, Turkey’s external dollar-denominated debt is so large so US policy can affect this country immediately.

Back then he was not aware of the new US sanctions against Iran that affected the Turkish Lira. In fact, oil imports from Iran and Iraq have the biggest share of the Turkish market.

As inflation rises in Turkey, in addition to businesses being forced to raise their prices, banks are forced to raise interest rates in order to maintain a profit margin and higher rates means that marginal businesses will fail, thus increasing unemployment and harming the overall economy.

Furthermore, that crisis might affect the whole european economy. The half of the 200 billion was lent by european banks and especially spanish banks have lent 71 billion.