The lira has lost half its value against the US dollar since Turkey first lurched into crisis in February.

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Once domestic bond investors regain consciousness and they will most likely do so in concert with foreign holders of US debt and currency a debt and dollar crisis will emerge.

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Looking at how the ruble had fared in comparison to the US dollar, it certainly seemed as if, before the crisis, the ruble moved in very close tandem with the price of oil while this relationship had become substantially weaker ever since.

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It was drawn up in the midst of the financial crisis in 2008, following the collapse of US investment bank Lehman Brothers and multi-billion dollar rescue of insurance giant American International Group (AIG).

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