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New finance minister presses all the right buttons, offering the markets “transparency, consistency, accountability and predictability”. But is the boss persuaded?
Turkey is heading for a classic currency crisis. All of its reserves and then some are borrowed.
To dig the country out of its economic hellhole with hot money inflows, Erdogan will need to let currency slide and deliver a big rate hike.
ENAG inflation research group contends headline figure was 109% y/y, up from April calculation of 105% y/y.
How much market orthodoxy Turkish strongman can swallow is now the question.
Jailed Kurdish leader Demirtas withdraws from politics. State regulator goes after opposition TV channels for “insults”. Ultranationalists naming their price for support given to strongman’s ruling party.
Input costs and selling prices, however, continued to rise amid reports of currency weakness.
Investors may be encouraged that start could be made on fixing Turkey’s collapsing economy if former finance minister returns to the cabinet. The lira, meanwhile, is back on the slide.
Prospect of removing the Erdogan regime at the ballot box appears to have gone for ever.
Detractors have long argued he was the wrong man to take the fight to Erdogan, but he’s yet to hint that he’ll quit as leader of the opposition following the weekend election defeat.
As strongman defies the odds to hold on to power, jailed opponent Demirtas warns “a huge operational force has taken over the state”.
As official results announced, challenger Kemal Kilicdaroglu gives fiery speech calling for fight against authoritarian regime and for a true democracy.
Efforts to detect ballot box anomalies also hindered by block put on access to 2018 data. Situation revealed ahead of May 28 presidential run-off.
HDP co-leader says it is vital to rid country of president’s "one-man” and “freak” regime”.
As lira trades just below 20/$ in the interbank market, rate at the Istanbul Grand Bazaar hovers in the 21s.
New wave of disillusioned young Turks looks set to abandon country if strongman is re-elected on May 28.
With little expectation strongman Erdogan will be toppled in May 28 run-off vote, markets guard against economic calamity.
Lira hits latest record low and cost of insuring debt soars. New data, meanwhile, shows central bank burnt through $17bn in weeks before polls attempting to prop up economy.