Turks beset for years by soaring inflation and currency crashes will soon decide whether to forge ahead with President Tayyip Erdogan's vision of a heavily-managed economy, or ditch it for a painful return to liberal orthodoxy
"Erdogan is offering one package after another", which will put "significant pressure" on the public purse, said Galip Dalay, associate fellow at Chatham House in London. "But if he loses the election that will be someone else's problem."
Credit ratings from Moody's and Fitch have slid from investment-grade in 2016 to "junk" - on a par with Bolivia and Cameroon.Investors say Turkey's free-market model began metamorphosing around 2017 when it adopted an executive presidential system concentrating power in Erdogan's hands. Foreigners have slashed holdings of Turkish government bonds to less than 1% from 20% in 2017 and now own just 30% of the equity market, compared to 65% a few years ago.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sweden, Finland must send up to 130 'terrorists' to Turkey for NATO bidSweden and Finland must deport or extradite up to 130 'terrorists' to Turkey before the Turkish parliament will approve their bids to join NATO, President Tayyip Erdogan said.
Read more »
'Unacceptable': Anger in Türkiye as Sweden rejects case against PKK backersOmer Celik, spokesperson of the governing AK Party, says the decision of Swedish prosecutors to dismiss a complaint against those who defamed and threatened President Erdogan is 'unacceptable'
Read more »
Sweden, Finland must send up to 130 'terrorists' to Turkey for NATO bid, Erdogan saysSweden and Finland must deport or extradite up to 130 'terrorists' to Turkey before the Turkish parliament will approve their bids to join NATO, President Tayyip Erdogan said.
Read more »
'Absurd': Türkiye slams Sweden's refusal to probe threats against ErdoganTurkish Foreign Minister Mevlut Cavusoglu describes as 'extremely absurd' the decision of Swedish prosecutors not to investigate threats made by PKK terror group supporters against President Erdogan
Read more »
A&M-San Antonio campus still needs its own neighborhood, departing president saysOn the eve of her eighth anniversary as president of Texas A&M University-San Antonio —...
Read more »
South African rand dives after president cancels Davos trip over energy crisisThe South African rand dropped on Monday after President Cyril Ramaphosa cancelled a trip to the World Economic Forum (WEF) in Davos to deal with the country's energy crisis, as struggling state utility Eskom's worst ever power cuts continued.
Read more »