The Economist (June 4)
“For the past two years Recep Tayyip Erdogan, Turkey’s president, has pursued a zany policy of trying to bring down inflation by making borrowing cheaper. It is precisely the opposite of what any mainstream economist would advise, and it was never going to work.” His new cabinet “includes Mehmet Simsek, a voice of economic orthodoxy.” The new treasury and finance minister has said “Turkey has no choice left but to return to a rational basis” for policymaking. “Such words will be music to the ears of many foreign investors, who have given up on Turkey over the past couple of years. But they will not count for much unless they are backed up by concrete steps to fix the country’s economy.”
Tags: Borrowing, Cabinet, Cheaper, Economist, Erdogan, Finance Minister, Inflation, Mainstream, Orthodoxy, Policy, Rational, Simsek, Treasury, Turkey
Forbes (October 28)
“Amid a global slowdown in economic growth that has seen central banks lower interest rates near zero or below in an effort to provide stimulus,” a number of “major economies are on high recession alert.” These include Hong Kong, the U.K., Germany, Italy and China. “Other highly stressed economies around the world include Turkey, Argentina, Iran, Mexico and Brazil.”
Tags: Argentina, Brazil, Central banks, China, Economic growth, Germany, Global slowdown, Hong Kong, Interest rates, Iran, Italy, Mexico, Recession, Stimulus, Stressed, Turkey, U.K.
Chicago Tribune (October 24)
“Turkey’s military assault has been widely condemned by its NATO partners…. Yet, what truly threatens the future of NATO is less Turkey’s latest provocation than the fact that it was enabled by Trump’s sudden decision to withdraw U.S. forces standing in the way of that action.”
Tags: Condemned, Enabled, Military assault, Nato, NATO partners, Provocation, Threat, Trump, Turkey, U.S., Withdrawl
Wall Street Journal (October 12)
“President Trump prides himself on one-on-one diplomacy, but too often it results in rash and damaging decisions like his abrupt order Sunday for U.S. troops to retreat from northern Syria. Turkish strongman Recep Tayyip Erdogan is now dictating terms to the American President, and the consequences are likely to be felt far beyond Syria and Turkey.”
Tags: Abrupt, Damaging, Decisions, Diplomacy, Erdogan, Pride, Rash, Retreat, Syria, Troops, Trump, Turkey, U.S.
Washington Post (September 27)
“In the case of Ukraine, the president is accused of using the awesome power of the United States…to serve his personal political gain. Sadly, this is part of a pattern of violations of democratic norms.” While “Trump is a particularly egregious example” he fits a “global trend” of misbehavior that extends to British Prime Minister Boris Johnson, Indian Prime Minister Narendra Modi, Philippine President Rodrigo Duterte, Turkey’s Recep Tayyip Erdogan and Hungary’s Viktor Orban.
Tags: Democratic, Duterte, Egregious, Erdogan, Hungary, India, Johnson, Misbehavior, Modi, Norms, Orbán, Philippines, PM, Political gain, Power, Trump, Turkey, U.S., UK, Ukraine, Violations
Bloomberg (March 28)
Turkish President Recep Tayyip Erdogan is trying to create a “New Turkey,” but this is leaving “millions unmoored” as the “massive shift away from agrarian lifestyles” destabilizes “the country’s food supply and cost many their livelihoods.”
Tags: Agrarian, Erdogan, Food supply, Lifestyles, Livelihoods, President, Shift, Turkey, Unmoored
Washington Post (November 28)
“For once, even Republican senators sounded actually mad and distressed by the Trump administration’s blatant prevarication. They were denied a briefing by CIA director Gina Haspel, reportedly at the White House’s direction, concerning the slaying of Jamal Khashoggi,” the journalist killed in Turkey, most likely with the approval of Crown Prince Mohammed bin Salman, who Trump has absolved of wrongdoing.
Tags: CIA, Distressed, Haspel, Khashoggi, Mad, MBS, Prevarication, Republican, Senators, Slaying, Trump, Turkey, Wrongdoing
LA Times (November 5)
Though the “Trump administration slapped tough U.S. sanctions on Iran’s energy, banking and shipping industries,” there are “gaping holes” as the White House “granted waivers to the six largest importers of Iranian oil.” China, India, South Korea, Turkey, Italy and Japan accounted for “more than 75% of Iran’s oil exports last year.”
Tags: Banking, China, Energy, Exports, India, Iran, Italy, Japan, Oil, Sanctions, Shipping, South Korea, Trump, Turkey, U.S., Waivers
Washington Post (August 14)
“Even in a world where the United States’ military and diplomatic power seems to be in retreat, there is an element of the U.S.-led order that’s as strong as ever — our dominance of the global economy.” President Recep Tayyip Erdogan of Turkey “may think he can bluff his way through the Brunson crisis, but Turkish banks, construction companies and bondholders know better. In the still-global economy, going it alone really isn’t an option… This summer, as ever, we sink or swim together.”
Tags: Banks, Bondholders, Brunson, Construction, Crisis, Diplomatic, Dominance, Erdogan, Global economy, Military, Power, Retreat, Turkey, U.S.
Barrons (August 13)
“Turkey makes up less than 1% of the emerging markets index, but its small size hasn’t kept it from creating big ripples during the dog days of summer. Most investors are steering clear of Turkey, as it grapples with the fallout from years of binging on dollar-denominated debt, but the bigger question is who else could get caught up in Turkey’s crisis.”