Paul Krugman: Troubles in Turkey

"There cannot be a crisis next week. My schedule is already full." - Henry Kissinger

O.K., did we need this? Turkey? Who was paying attention to Turkey? Some people were, of course, because that was their job.

The International Monetary Fund released the results of its latest Article IV consultation - regular reports that are supposed to provide a sort of early warning system - just over a month ago. It mentioned some worries. For example, according to the I.M.F.: "The most concerning aspect is the widening short FX position of the nonfinancial corporates.