Tragically funny boycott calls and “terror figures on social media plotting” while negotiations continue. Turkey might just release Pastor Brunson…

Erdoğan says Turkey will boycott US electronic products

Turkish president issues defiant response amid slide in lira fuelled by standoff with US

Recep Tayyip Erdoğan has said Turkey will boycott electronic products from the US, as he issued another defiant response to sanctions imposed in a dispute over the detention of an American evangelical pastor.

The remarks by President Recep Tayyip Erdogan come as the country grapples with a worsening economic crisis and a widening diplomatic dispute with the United States.
White House Security Adviser Bolton and Ambassador to Washington Kılıç have held a meeting. Reporting the meeting, Bloomberg correspondent has said, “Fed up with Turkey, Trump is refusing to offer anything else in exchange for Pastor Brunson”
US President Donald Trump has approved the law draft which has stopped the delivery of F-35 jets to Turkey.

Andrew Brunson: the US pastor at the heart of an international crisis

Evangelical missionary, indicted in Turkey on charges of espionage and links to terror groups, is martyr in eyes of US Christian right

Recep Tayyip Erdoğan’s hubris has destablised a nation of pivotal regional importanceHubris begets nemesis, as the ancient Greeks opined. It’s a life lesson Recep Tayyip Erdoğan, Turkey’s arrogant leader, appears unable to absorb as his country teeters over an abyss of his making. Erdoğan argued in June’s elections that an all-powerful executive presidency was the best way to govern – and he was the best man for the job. His wish was granted. Now Turkey is in crisis. The fall from grace – this shattering of the omnipotent strongman-sun king image – has come more quickly than anybody imagined. And since Erdoğan is in sole charge these days, he will be hard put to avoid sole blame.


Turkey lira crisis: Six things you need to know

A breakdown of the events, causes and effects, as Turkey’s currency collapses amid a diplomatic row with the US.
Turkey’s Financial Crime Investigation Board (MASAK) has launched a probe into what it described as “fake news” aiming to manipulate economy.
Calling out to US President Donald Trump by saying, “You can be a President all you want,” President Erdoğan has stated that the movements in the foreign exchange do not have an economic basis. Erdoğan has also added, “There are several economic terror figures on social media.”
Addressing the industrialists, President Erdoğan has said, “Do not rush to the banks to buy foreign currency. Otherwise, I would have to implement the plans B and C.”
The Kremlin said on Aug. 13 that Russia favoured bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented.
The Turkish lira continues to slide, and that’s starting to affect markets and currencies around the world.
Turkish President Recep Tayyip Erdoğan said Aug. 13 his country is under an economic “siege” that has nothing to do with its economic indicators.

How serious is Turkey’s lira crisis and what are the implications?

The options as the country’s economic growth displays the classic signs of overheating

‘We can just pray to God’: Turks struggle as lira crisis bites

The currency crash and high inflation have made lives harder, with many blaming Erdoğan

On a normal day, Abdulmecit’s barber shop not far from the medieval Galata tower in Istanbul would be bustling with customers. A week before the Muslim festival of Eid al-Adha, men would stream in for a shave or haircut before the holidays.


The Guardian view on Turkey’s currency crisis: it was made at home | Editorial

President Erdoğan won elections on the back of an economy that was boosted by cheap credit. Now the bills are coming due and no provision has been made to pay them

Erdogan, Trump and the ‘Plot’ Against the Lira

Tariffs and tweets have worsened a dispute between the United States and Turkey.

Trump misunderstanding over prisoner fuelled lira crisis – Ankara sources

US president believed he had secured deal with Turkish president to secure release of pastor, sources say

The currency plunge imperilling Turkey’s economy has been fuelled by a standoff between Donald Trump and Recep Tayyip Erdoğan over the fate of a Turkish woman detained in Israel whose freedom the US president brokered, and an American pastor held in Turkeywhose release he demands in return, officials in Ankara have claimed.

Erdoğan’s high-risk path is surely leading Turkey to the IMF | Nils Pratley

Refusing standard monetary medicine means following Argentina is logical conclusion

There is not an easy way for Turkey to escape its financial crisis but three measures that might contain the coming pain would be these. First, raise interest rates to try to put a floor under the plunging lira. Second, tone down the bellicose rhetoric and certainly don’t pick new fights with the US. Third, call the International Monetary Fund.


Turkish lira crash ripples through global currency markets

Peso and rand are knock-on casualties of currency slide after lira falls 8% against dollar

A fresh plunge in the Turkish lira sent tremors through global currency markets on Monday, amid fears that the failure of Recep Tayyip Erdoğan’s government to tackle its worsening financial crisis would have a domino effect on other vulnerable countries.

Turkish financial crisis: Erdoğan says ‘attacks will continue’ – as it happened

All the day’s economic and financial news, as Turkey’s crisis hits shares and currencies around the globe


Lira crisis: action by Turkey’s central bank fails to quell contagion fears

Euro falls to one-year low as investors worry lira’s crash could infect European markets

The country’s finance minister says it will unveil details of its plan on Monday morning.

Turkish Regulators Step In to Deal With Fall in Currency

Turkish banks’ ability to swap liras for foreign currencies was curbed. The lira has been dropping since President Trump said he would raise tariffs on Turkish imports.
The Financial Times – Laura Pitel in Istanbul – Aug 13, 12:21 AM

The Turkish lira was trading sharply lower on Monday even after the country’s central bank announced measures to shore up the financial system amid warnings of a deepening crisis. The beleaguered currency fell as much as 11 per cent to a new record


Losing Faith Fast, Istanbul Merchants Throw in Towel on the Lira

And at the heart of Istanbul’s merchant capital, in the world’s oldest covered market, there are signs it’s starting to damage his credibility and chipping …

Turks Rally Behind Erdogan as Dispute with U.S. Deepens

As President Erdogan responded to U.S. sanctions with sanctions of his own, even his opponents cheers, but many worried about the fall in the lira.
With Turkish-American relations souring, the focus should be on freeing the imprisoned American citizens and Turkish staff of the United States embassy.

Reuters – Reuters Editorial – Aug 12, 12:57 PM

ISTANBUL (Reuters) – The Turkish lira sank to a fresh record low of 7.24 to the dollar in early Asia Pacific trade, as investor worries over the state of the economy and deteriorating ties with the United States continued to drag down the currency


Bloomberg – Constantine Courcoulas – Aug 12, 9:04 AM

As everyone knows, there are two sides to every trade. With more than 80 million Turks substantially poorer following a plunge in their currency, the winners were foreigners behind the velvet ropes at Istanbul’s Istinye Park Mall. They were lining

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