2001 Turkish economic crisis

The 2001 Turkish economic crisis was a financial crisis which resulted in a stock market crash and collapse in the Turkish lira as a result of political and economic problems that had been wearing on Turkey for years. Leading up to the crisis, throughout the 1980s and 1990s, Turkey relied heavily on foreign investment for economic growth, with trade above 40% of GNP. The Turkish government and banking systems lacked the financial means to support meaningful economic growth.

Source: Wikipedia — 2001 Turkish economic crisis (CC BY-SA 4.0)