Currency off nearly 9% on Monday as investors fear financial crisis could infect European markets

The Turkish lira has fallen almost 9% in early trading on Monday as investors fear the country’s financial crisis will spread to European markets.

Despite defiant words by the Turkish president Recep Tayyip Erdoğan over the weekend pledging as yet unspecified action to reverse the slide, the currency stood at 7 lira to the US dollar at 3.30amBST on Monday, a fall of 9% on Friday’s closing price.

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