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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (68706)	3/14/2003 4:58:14 PM
From: zonder	Read Replies (1) \| Respond to of 70976

the US warships are leaving Turkish ports. Has that affected the Lira? USD/TRL went up by 1.0% to 1,643,000. Interest rates went up about 1.5 bp to 60%. To put that in perspective, when I sold USD to buy t-bills in mid-January, it was at a rate of USD/TRL=1,662,000, or 1.14% above today's close. I think the market is in denial - the feeling is that a second bill will come to the parliament and pass this time. The government was formed today, and the vote of confidence is expected next tuesday-wednesday. The second bill for deployment of US troops is expected afterwards, at the end of next week. US has already deployed a lot of people and equipment in their bases, rented the whole Iskenderun Port for the month of March (USD 4 mn), and made agreements for train transportation. It still looks like there will be an agreement between the US and Turkey. I am thinking of re-entering into t-bills in a few days, when the UN resolution is abandoned and fears are increased that a second resolution might not pass in Turkey. Of course there may never be a second resolution, in which case I will cross my fingers and hope the exchange rate does not skyrocket until my forward contract is due. Joys of investing in banana republics :-)