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The state's currency interventions, spending dollars to buy lira in order to stabilize it, have been costly. The lira appeared to be in free fall in mid-December, dropping as low as 18 to the dollar before the government announced its rescue plan. The intervention has managed to bring the currency back to just under 14 to the dollar and keep stable there for the past week, though that's a dramatic fall from its level of 7 to the dollar just one year ago.

The picture isn't entirely bleak: Turkey showed positive figures for industrial production and retail sales in November, which "suggested that Turkey's economy held up well during the early part of the currency crisis," wrote Jason Tuvey, senior emerging markets economist at Capital Economics.

So how long can the central bank keep intervening to prop up the lira? We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.

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