Is it possible to stop Turkey’s economic meltdown?

Turkey is in the middle of an economic crisis. Can anything be done to stave off financial disaster?

The country’s currency, the lira, has fallen nearly 40 percent against the dollar since the start of the year. Double-digit inflation has sent prices of food, energy, and other goods soaring.

Recep Tayyip Erdogan, who has consolidated immense power since his rise to head of state in 2003, is struggling to keep the economy from spiraling into recession or even worse.

Last week, the country’s central bank made a surprise move, hiking the benchmark interest rate and temporarily halting the lira’s free fall.

But will it be enough? Nader Habibi, a professor of economics of the Middle East and Turkey expert at Brandeis University, discusses what’s at stake—and what’s next.

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