All right, I've been waiting for sellers to make a thread about this but I've waited long enough.
Turkey is currently waist deep in a debt crisis brought on by a decade of accelerating inflation. In just the last four years, the lira has lost more than half of its value against the major currencies. Turkish corporations are struggling and often failing to pay their euro-denominated foreign debt. The bond rating for Turkish government debt is just a poop emoji.
The root of this problem, as you may have surmised, is that President Erdogan is belligerently incompetent and corrupt. Foreign investors have been scared off by his dictator act and increasingly strained relations with the rest of Europe and the United States. He has also fought to prevent Turkey's central bank from raising interest rates to fight inflation. He claims that high interest rates are immoral under Islamic law; the fact that his buddies in the construction industry have been making bank from artificially low mortgage rates is probably just a coincidence. Last month he poured gasoline on the fire by giving an interview in which he pledged to take more direct control of the central bank and reduce interest rates after he rigs wins this month's election. He blames the crisis on an international conspiracy of Jews, because of course he does.
The big fear is that this mess could spread. Spain holds the lion's share of Turkey's debt and, as we all learned during the Greek crisis, Spain is not the most stable of debt holders. If things go sufficiently wrong the cascade effect on the EU (and consequently the rest of the world) could be serious. On the bright side, a full-scale economic collapse might be enough to topple Erdogan's regime, or at least hinder his ability to swing his dick around in Syria.