mead cohen berger shevtsova garfinkle michta grygiel blankenhorn
Trouble in Turkey
Lira Hits All-Time Low

The Turkish lira took a tumble on Friday, hitting an all-time low against the dollar amidst rising concerns about the latest political turmoil to hit Erdoğan’s government. The FT:

The currency went below TL2.095 to the dollar on Friday, the latest slide in a week marked by the US Federal Reserve’s decision to rein in monetary stimulus and the arrest in Turkey of three sons of cabinet ministers in a scandal allegedly involving millions of dollars in bribes. The lira later recovered some of the lost ground.

“[The] deepening turmoil in Turkey is not just political,” Strobe Talbott, head of the Brookings Institution, said via Twitter. “[The] stakes are geopolitical. Stable, secular, moderate state is crucial to region and world.”

Turkey is losing its margin for error. The politics and the economics are both going wrong in a country that not all that long ago was seen as a model for the Middle East.

Features Icon
show comments
  • Jacksonian_Libertarian

    “Stable, secular, moderate state is crucial to region and world.”

    Who believes that Turkey is a stable, secular, and moderate state, since the ambitious Islamist Erdogan took over?

    • Kavanna

      Indeed. On the evidence, the Turkish political class is being ripped apart.

      Why is this country still in NATO? Thanks to all the European voters who resisted inclusion of Turkey as a full member of the EU.

© The American Interest LLC 2005-2016 About Us Masthead Submissions Advertise Customer Service