Turkey's Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back

Turkey's Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back Two weeks after a cluster of Istanbul asset managers stopped honoring redemptions, triggering a market-wide circuit breaker and the liquidation of 131 funds held by some 455,758 Turkish retail investors, Ankara has unveiled its plan to make everyone whole. Or at least, to make everyone a little bit less un-whole. As Bloomberg reports, Turkey will start payments to investors caught in the fund crisis. The Capital Markets Board (SPK) approved interim payments of up to 1 million lira (about $20,400) per eligible investor in funds run by Tera, Pusula, Atlas and Hedef, calculated on each investor's "net investment" as determined by...

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