Who’s going to buy Turkey?
1,500 years after the Han dynasty kicked out the Turks, China may buy them out as well
With the Turkish lira in free fall, just as Asia Unhedged has predicted this past year, Turkey’s stock market has shrunk to rounding-error dimensions.
The whole of the Istanbul 30 Index, the country’s blue chip gauge, is presently worth just 176 billion Turkish lira, or a mere US$33 billion. That’s the market cap of the Monster Beverage Company in the US.
US$33 billion is a rounding error in China’s global net asset position, and the likeliest outcome of the crash of Tayyip Erdogan’s kleptocracy is that Turkey will simply be a wholly-owned subsidiary of China. 1,500 years after the Han dynasty kicked the Turks out of Central Asia, it will buy them out as well.