Turkish minister says fending off 'mini-coup attempt' | Reuters
The economic outflow from this.
Turkey 'takes $100 billion hit' from political turmoil | Business , Middle East | THE DAILY STAR
Lets just say its' severe. Whats a hundred billion dollars here or there anyways only a fifth of gdp or something.
Political Turmoil Threatens Turkey's Government, Economy
other interesting things.
Despite Turkish gov't, Europe praises HSYK - Today's Zaman, your gateway to Turkish daily news
Market, lira gains reverse as conspiracy theories circulate - Today's Zaman, your gateway to Turkish daily news
The one below is the most interesting one for me at least I'll quote the part that is intriguing.
Foreign trade deficit widens to $89.8 bln in first 11 months - Today's Zaman, your gateway to Turkish daily news
Turkish minister says fending off 'mini-coup attempt'
Turkey's government said on Tuesday it was fending off a "mini coup attempt" by elements in the police and judiciary who served the interests of foreign and domestic forces bent on humbling the country.
Deputy Prime Minister Ali Babacan said the ruling AK Party had in the past survived military coup plots and attempts in the courts to outlaw it. It would not now yield to a corruption investigation that he said targeted the government but was already damaging the national economy.
"These latest formations in the judiciary and the police, we can't call it a coup, but a mini coup attempt. This is what interests foreign investors," he told broadcaster CNBC-e, echoing suggestions by Prime Minister Tayyip Erdogan of a foreign interest in the crisis.
"Maybe the clearest indicator of this was the fall in share prices," added Babacan, who is in charge of the economy.
The market value of Turkish listed companies had fallen $49 billion by Monday's market close, he said. The main share index was down 1 percent on Tuesday.
Deputy Prime Minister Ali Babacan said the ruling AK Party had in the past survived military coup plots and attempts in the courts to outlaw it. It would not now yield to a corruption investigation that he said targeted the government but was already damaging the national economy.
"These latest formations in the judiciary and the police, we can't call it a coup, but a mini coup attempt. This is what interests foreign investors," he told broadcaster CNBC-e, echoing suggestions by Prime Minister Tayyip Erdogan of a foreign interest in the crisis.
"Maybe the clearest indicator of this was the fall in share prices," added Babacan, who is in charge of the economy.
The market value of Turkish listed companies had fallen $49 billion by Monday's market close, he said. The main share index was down 1 percent on Tuesday.
As Babacan was speaking, news emerged of a further resignation from the AK Party. A total of seven MPs have resigned from the AKP since the end of November, five since the December 17 police raids.
There is, however, no sign of any large-scale abandonment of the party which dominates Turkish politics. Erdogan, playing on his still unrivalled popularity, could even call early elections next year to shore up his position.
Erdogan has responded to the corruption scandal with the purging of some 70 police investigators and blocked a second wave of investigations. Those targeted some of Erdogan's most ambitious infrastructure projects, including a third Bosphorus bridge and a canal allowing passage from the Black Sea to the Mediterranean, easing traffic on the Istanbul Strait.
Erdogan, whose popularity held up through a summer of protests against what critics call an increasingly authoritarian style of government, has broadened Turkish influence in the Middle East and Africa with a vigorous business drive, led often by construction projects.
There is, however, no sign of any large-scale abandonment of the party which dominates Turkish politics. Erdogan, playing on his still unrivalled popularity, could even call early elections next year to shore up his position.
Erdogan has responded to the corruption scandal with the purging of some 70 police investigators and blocked a second wave of investigations. Those targeted some of Erdogan's most ambitious infrastructure projects, including a third Bosphorus bridge and a canal allowing passage from the Black Sea to the Mediterranean, easing traffic on the Istanbul Strait.
Erdogan, whose popularity held up through a summer of protests against what critics call an increasingly authoritarian style of government, has broadened Turkish influence in the Middle East and Africa with a vigorous business drive, led often by construction projects.
Turkey 'takes $100 billion hit' from political turmoil | Business , Middle East | THE DAILY STAR
Lets just say its' severe. Whats a hundred billion dollars here or there anyways only a fifth of gdp or something.
Political Turmoil Threatens Turkey's Government, Economy
Prime Minister Recep Tayyip Erdogan replaced those ministers this week, along with eight others, but the moves failed to stop calls for his resignation. Indeed, one of the fired ministers said the prime minister should step down, too.
The government further stoked public anger by firing hundreds of senior police officials involved in the anti-corruption probe, including the Istanbul police chief.
Erdogan, who has been in office for 12 years, called the police operation “extremely dirty.”
He said police officers had “abused their authority,” and that the government was within its rights to remove them.
The government further stoked public anger by firing hundreds of senior police officials involved in the anti-corruption probe, including the Istanbul police chief.
Erdogan, who has been in office for 12 years, called the police operation “extremely dirty.”
He said police officers had “abused their authority,” and that the government was within its rights to remove them.
Despite Turkish gov't, Europe praises HSYK - Today's Zaman, your gateway to Turkish daily news
Market, lira gains reverse as conspiracy theories circulate - Today's Zaman, your gateway to Turkish daily news
The one below is the most interesting one for me at least I'll quote the part that is intriguing.
Foreign trade deficit widens to $89.8 bln in first 11 months - Today's Zaman, your gateway to Turkish daily news
Turkey's foreign trade deficit increased 16.8 percent in the first 11 months of the year compared to same period of the previous year to reach $89.8 billion, according to a report released by the Turkish Statistics Institute (TurkStat) on Tuesday.
The central bank's foreign reserves totaled $135.068 billion on Dec. 20, but private sector analysts calculate that net reserves -- resources which the central bank could access quickly -- are only around $40 billion. That figure is dwarfed by Turkey's current account deficit (CAD), which covers trade in goods and services; in the first 10 months of this year, the deficit widened to $51.901 billion from $39.553 billion a year earlier.
Repayments of loans from the government's Eximbank by Turkish exporters this year have helped to compensate for the deficit; total foreign reserves are actually higher now than they were at the end of last year. But foreign exchange data released by a top government official on Tuesday illustrated the risks of any prolonged period of capital outflow.
Repayments of loans from the government's Eximbank by Turkish exporters this year have helped to compensate for the deficit; total foreign reserves are actually higher now than they were at the end of last year. But foreign exchange data released by a top government official on Tuesday illustrated the risks of any prolonged period of capital outflow.
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