Right now the interest rate is about 40 percent in Turkey which reins in the inflation a bit. Originally the crisis started b/c the president refused to raise interest rates like the rest of the world. Now that he appears to have returned to his senses things calmed down a bit. There's also municipal elections in a month and the gov't has been generous with public sector wages and the minimum wage to shore up support. Some sort of devaluation against the dollar following the elections is inevitable. The talk here is that the gov't will impose severe austerity measures after the elections since there won't be another one for the next three years. It's possible that the things get really grim after that.