Turkey's Been 'Waiting to Blow Up for Some Months,' Says Posen

The video discusses Turkey's economic challenges and the potential role of the IMF in providing bridge financing to stabilize the country's economy. It highlights the political instability under Erdogan's leadership and the appointment of his son-in-law as finance minister. The discussion draws parallels with past financial crises, particularly the 1998 crisis, and examines the unique aspects of Turkey's situation. The video also explores the consequences of economic overextension and the impact on foreign investment, drawing comparisons with similar issues in the US.

What lessons can be drawn from the financial crisis of 1998 as mentioned in the text?

In what ways does the text suggest that Turkey's situation is different from past financial crises?