at verisk maplecroft. if erdogan continues down this path of policy that he has embarked upon, do you think turkey will be defaulting on its debts any time soon? thank ou. its debts any time soon? thank yom yes. its debts any time soon? thank you. yes, well, its debts any time soon? thank you. yes, well, the its debts any time soon? thank you. yes, well, the turkish - you. yes, well, the turkish lira partly as a result of economic policies under the current turkish government has lost about 80% of its value over the past five years. and in the lead up to the election, one of the ways in which the central bank was holding it off was drawing on its foreign exchange and gold reserves. although that props up the lira it is not necessarily sustainable in the long term and if turkey is no longer able to finance imports or to service its external debt it could end up default. there are corrective actions the turkish government can take to try and hold off that risk but we have
cost in a bad situation. some have suggested cost in a bad situation. some have suggested that - cost in a bad situation. some have suggested that biden i have suggested that biden should invoke the 14th amendment which states the validity of us debt should not be questioned and just burrow on constitutional grounds. would that work and is there a precedent for that? would that work and is there a precedent for that? there is no precedent precedent for that? there is no precedent to precedent for that? there is no precedent to that. precedent for that? there is no precedent to that. it precedent for that? there is no precedent to that. it might - precedent to that. it might work but it is uncertain it would be tested in the courts so the outcome we appear to have reached is superior to that, the cost of reaching this debt ceiling stand off agreement is relatively small and all of his priorities are being maintained so i think he is taking the right approach. thank you very m