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    Turkish lira decline 5 pct, stocks expected to fell sharply due to recession fear

    Hürriyet Haber
    16.10.2008 - 09:28 | Son Güncelleme: 16.10.2008 - 09:28

    Turkish lira lost nearly 5 percent against U.S. dollar and stocks are also expected decline sharply on Thursday as world stocks tumbled after optimism quickly gave way to fears that government intervention would not save major economies from recession.

    Asian stocks outside of Japan dropped 6 percent after Wall Street suffered its worst one-day percentage declines since the stock market crash of 1987. The Dow Jones industrial average ended down 7.87 percent, and the S&P 500 index lost 9 percent.

     

    Governments around the world have pledged $3.2 trillion in emergency measures -- roughly an equivalent to the economic output of Germany or China -- including taking stakes in banks to help them stabilize, rallying world markets on Monday and Tuesday.

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