Turkey 's failed political coup has increased pressure on the country 's banks which are already trying to cope with rising bad debt and a drop in tourism . Yapi ve Kredi Bank and Sekerbank both cancelled about $ 800 m of debt sales after the attempted deposition of President Erdogan . Turkey’s banking index fell as much as 4 per cent in Istanbul on Thursday, while the benchmark Borsa Istanbul 100 index lost 3.5 per cent by 4:06pm local time. The six - month state of emergency is making it hard for banks to access the funds they need to pay short - term debt , meanwhile , the falling lira is making lending in foreign currency riskier . On Tuesday , Moody 's placed Turkey under review for a possible downgrade to junk .
Turkey 's failed political coup has increased pressure on the country 's banks which are already trying to cope with rising bad debt and a drop in tourism . Yapi ve Kredi Bank and Sekerbank both cancelled about $ 800 m of debt sales after the attempted deposition of President Erdogan . The six - month state of emergency is making it hard for banks to access the funds they need to pay short - term debt , meanwhile , the falling lira is making lending in foreign currency riskier . On Tuesday , Moody 's placed Turkey under review for a possible downgrade to junk .