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Fund crash in Turkey: 130 liquidations, 20 billion dollar losses for 450,000 people
Over 130 Turkish investment funds have been placed into forced liquidation after stock market manipulation was revealed. The funds attracted investors with returns in the thousands of percent, then placed capital in illiquid assets, artificially inflating their value. Around 450,000 people may be affected, having collectively lost assets worth 20 billion dollars. The Turkish government declared it would reimburse losses up to roughly 20,000 dollars per person.
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