Turkiye suffered a market tank that crashed the Lira to record lows this morning, per @Bloomberg, who is reporting that “investors dumped the nation’s assets after the arrest of a key rival to President Recep Tayyip Erdogan.”

The impact, as reported by @WSJ:

• Lira weakened 6% vs. USD.
• The Borsa Istanbul 100 stock index fell 8.5%.
• Turkish bank stocks fell, Turkiye Garanti Bankasi’s stock fell 10%.
• The cost of insuring Turkish debt against default jumped.