I would call anyone crazy who would invest in TRY Ask any local person, and you will understand everybidy is waiting for a crisis like the one in Argentina. A sharp devaluaiton is inevitable.
High yield may delay the fall, but when it happens it will become more pronounced because they will have more debt, from the high interests they paid.
ZAKHU, Iraq (Reuters) - Turkish troops engaged Kurdish PKK rebels in close combat on Sunday that left scores dead in a major ground offensive into northern Iraq. http://thestar.com.my/news/story.as...01_NOOTR_RTRMDNC_0_-321193-4&sec=Worldupdates any comments on how this'll affect the TRY other than a volatility increase?
Ask Eliezer Fishman, who got a Turkey stuffing in 2006, if the TRY can suddenly move lower. Talk was he driopped $400 million. Here's a link to Euromoney (which is subscription, but if you Google it, you'll find it) http://www.euromoney.com/Article/1041938/Speculation-Turkey-stuffing-for-Israeli-investors.html
As for Fishman - I guess selling put options on TRY is some kind of convergence trade. Something only VN could aspire too... funny.