Posted on 08/17/2018 8:19:58 AM PDT by SeekAndFind
Turkey’s battered lira weakened more than 6 percent against the dollar on Friday, after a U.S. warning that Ankara should expect more economic sanctions unless it hands over detained American evangelical pastor Andrew Brunson.
It has lost nearly 40 percent of its value against the dollar this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan’s influence over monetary policy. Erdogan, a self-described “enemy of interest rates”, wants to lower borrowing costs despite high inflation.
The currency crisis has deepened concerns about the broader economy - particularly Turkey’s dependence on energy imports and whether foreign-currency debt levels pose a risk to the banking sector.
“There has been no sign that the central bank will be allowed to raise interest rates significantly and return rates to positive territory,” said William Jackson of Capital Economics in a note to clients. “Similarly, there has been no improvement in relations with the U.S. and additional sanctions may be on the horizon.”
(Excerpt) Read more at reuters.com ...
U.S. Pastor’s Appeal Rejected
Looks like Erdogan is under the impression that Trump isn’t serious about this. I wonder how that’s going to work out for Turkey.
The Turkish economy for ONE INNOCENT MAN?
Says a lot about the priorities and ethics of this man.
but BBC said Erdogan was Winning ,LOL
He was arrested as part of the crackdown after the “coup” attempt?
Why not just send him home? I don’t see the upside for Turkey.
RE: He was arrested as part of the crackdown after the “coup” attempt?
They are using Pastor Brunson as a bargaining chip to force the extradition of a cleric named Fethullah Gulen, who currently resides in Pennsylvania.
Erdogan claims that Gulen was the mastermind behind the coup.
I am enjoying this. For the first time in the last 80 plus years of our existence, the US is quietly and safely using our weight that we have had for decades to stifle the countries that no longer fear our retaliation. They don’t play by the rules, go hungry. Don’t do the sensible thing, no money or products. Try to slap us, get a counter punch. No military intervention, no escape, just the gaining of the realization that they are not in charge and don’t have anything to scare us with. And we didn’t break a sweat doing it.
This is how Reagan clubbed the Soviet Union into the white flag. This is how Trump can foster a little discussion with groups like North Korea, Russia, Iran, Turkey, Pakistan, and all the other little kingdoms that want to grab the tiger’s tail. It kind of is a decision of eat, or be eaten, their choice. Well done!
rwood
This will only embolden Trump as he realizes that by making a statement with Turkey over a clergyman, just think if the matter is something important like nuclear arms or something else. These two bit tyrants will fold like a house of cards, esp when their people rise up against them.
Best thing is, he’s losing absolutely no sleep over this, while he’s got the other guy thinking and fretting about it 24/7.
He has these rallys and news conferences, and he’s having the time of his life. Did anyone see the Utica, NY thing the other day? God, President Trump is funny. Every time he talks he says something funny.
Amazing!
Erdogan and the Turkish Parliament can make all this stop within a very short time, not that much is being asked of them. But by failing to negotiate, and with a very easy path open to them, they only isolate themselves further on a daily basis.
Erdogan, in his own way, may prove to be every bit as bad as ISIS, an entity with whom he shares the same dream, a new Caliphate, only with himself as the head of that Caliphate.
No Caliphates. No time. Never.
I think he may be more like Kim, but just hides it better.
FRIDAY; It has been a tumultuous week that saw the lira go into meltdown on Monday when it hit a record low of 7.2 against the dollar and the panic spread to other emerging markets. A pledge by Turkey’s central bank to provide liquidity to banks and other measures, a pledge from Qatar to provide $15bn in loans to Turkey, and reassuring words from the finance minister yesterday helped calm nerves.
But this afternoon, a Turkish court rejected a US pastor’s appeal for release, a day after the United States warned of further sanctions unless Ankara hands over Andrew Brunson, who is under house arrest.
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