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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

Turkey Financials / Thematic (Sector/Industry)

* It Just Keeps Getting Worse: Turkey is steadily moving toward a balance-of-payments crisis, and with: pharma companies being asked to take up to 60% haircut on their debt in order to be paid; the belated Moody's downgrade; and little too late central bank interest rate hikes are all a worrying sign that Turkey is entering the point of no return. The introduction of a TRL gray market would crystallize this crisis with significant knock-on impact to global markets; and  *Other Worrisome Factors: The EU Parliament threatened sanctions if Turkey did not cooperate in its dispute with Greece/Cyprus on natural gas claims; a US trial is set to begin on March 1, 2021, with DOJ indicating Halkbank used the US financial system for Iranian money laundering; and under the assumption that Democratic candidate Joe BIden win the US election this would translate into negative readacross to Turkey.

* It Just Keeps Getting Worse: Turkey is steadily moving toward a balance-of-payments crisis, and with: pharma companies being asked to take up to 60% haircut on their debt in order to be paid; the belated Moody's downgrade; and little too late central bank interest rate hikes are all a worrying sign that Turkey is entering the point of no return. The introduction of a TRL gray market would crystallize this crisis with significant knock-on impact to global markets; and  *Other Worrisome Factors: The EU Parliament threatened sanctions if Turkey did not cooperate in its dispute with Greece/Cyprus on natural gas claims; a US trial is set to begin on March 1, 2021, with DOJ indicating Halkbank used the US financial system for Iranian money laundering; and under the assumption that Democratic candidate Joe BIden win the US election this would translate into negative readacross to Turkey. 

Turkey – Not Looking Very Promising