It has become even more crucial as a potential transit route for Europe-bound natural gas from energy-rich Azerbaijan and Central Asia, as well as from Iraq (and eventually Iran).

ECONOMIST: Turkish foreign policy

Look for more paralysis impacting the stock market down and the bond market up, as interest rates decline as a leading indicator of a slowdown that is bound to be unpleasant for everyone but the super-rich.

FORBES: The Downgrade Was For Political Reasons