Turkey’s financial markets have taken a hit as the country faces uncertainty following Sunday’s (June 7) parliamentary elections.<br /><br /> The main stock market index was down by more than 7 percent, while the lira fell 5 percent to a record low of 2.79 against the dollar. Turkey’s central bank quickly cut rates of foreign exchange borrowing to prevent further free fall. <br /><br /> Government bond yields, meanwhile, spiked to 9.94 percent on Monday (June 8), as investors rushed to unload the country’s sovereign debt. <br /><br /> Investors had been hoping for a clear win for President Recep Tayyip Erdogan’s ruling AK Party, but with just 41% of the vote the party is facing a minority or coalition government – or even a new election. <br /><br /> Markets aside, many citizens welcomed the end to the AKP’s 13-year-long single party rule. <br /><br /> “I believe this is a good result for democracy. I am in favour of a multi-cultural parliament in Turkey and anywhere in the world. A genuine democracy can be achieved by lifting the t