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According to National Bank of Canada analyst, Stefane Marion, foreign help will be required to stabilize financial markets in Turkey.  

Key Quotes:

“Some market pundits continue to claim that developments in Turkey will remain contained to that country. We heard similar comments just before the Greek crisis. Yet, it is worth noting that foreign banks’ exposure to Turkey ($260 billion) is just as large as in Greece circa 2008.”

“Canadian banks, unlike their European counterparts, have very limited exposure to Turkey.  

“Making matters worse for the Turkish economy is that roughly 35% of loans made by its domestic banks are in foreign currencies ($258 billion of which 57% are in USD and 43% in Euros according to the BIS). The Turkish central bank on Monday announced that it was taking all the necessary measures to ensure financial stability after the recent collapse of the currency. This is a welcome development but we believe foreign help will also be required to stabilize financial markets in an economy that is seven times larger than that of Greece. We are not there yet.”