BY M.K. BHADRAKUMAR
The sense of indignation among Turks should not be underestimated, which makes this an exceptional rupture
BY DAVID P. GOLDMAN
Among emerging market ETFs, China has been one of the most resilient, despite the ongoing trade war
An expert maintains that if solutions to the structural factors poisoning ties cannot be found, Turkish-American relations will continue to deteriorate.
Editorial: Like King Lear raging on the heath, Turkey’s Recep Tayyan Erdogan is lashing out at Donald Trump, financial markets, the almighty U.S. dollar and anyone else he can find to assign blame for his country’s currency and debt crisis. Someone should introduce him to economist Steve Hanke, who is offering the Turkish strongman the best lifeline available to stop the panic. - Wall Street Journal
Ishaan Tharoor writes: On Friday, the Turkish lira suffered its biggest one-day devaluation in nearly two decades, dropping more than 14 percent against the dollar. The minister of finance — the son-in-law of Turkish President Recep Tayyip Erdogan — couldn’t avert the slide, delivering a halting speech that did little to boost confidence. But Erdogan, as he so often does, placed the blame on a foreign scapegoat: the United States. - Washington Post
Desmond Lachman writes: Among the more important lessons that can be learned from the ever-deepening Turkish economic and financial market crisis is that years of ultra easy monetary policies by the world’s major central banks can have serious adverse consequences. - American Enterprise Institute
Desmond Lachman writes: One has to wonder what it will take for Erdogan, Turkey’s president, to recognize that his country has a major investor confidence problem that needs to be addressed immediately if his country is not to succumb to the deepest of economic recessions. One also has to wonder how long it will take him to realize that his country has little realistic option but to approach the IMF for assistance to restore investor confidence. - American Enterprise Institute
BY ASIA TIMES STAFF
The market contagion caused by turmoil in the Turkish lira took its toll on the beleaguered Indian rupee, which slipped to record lows
As the Turkish lira plunges to a record low, some voices in Ankara are warning that the United States is furious over Turkey’s efforts to reduce its dependency on the dollar.
Turkey’s economic woes keep growing, exacerbated by central bank inaction and simmering tensions with the United States, in what many see as an inevitable march to the IMF.
Syrian regime forces are deploying near and around Idlib province, in northwestern Syria, suggesting that the battle for Idlib is shaping up despite diplomatic gesturing and a statement by Russia denying an imminent operation.
BY DAVID P. GOLDMAN
The selloff in Garanti bonds is a flashing red signal for Turkey’s financial system
The lira slumped again on Wednesday after a American and Turkish negotiators failed to come to a deal over the detention of an American pastor that has resulted in US sanctions against Ankara. The lira fell 4% against the dollar, hiking up losses this year to nearly 30%, after a Turkish delegation led by Deputy Foreign Minister Sedat Onal failed to get the Donald Trump administration to ease pressure on Halkbank, which could face a major US fine for allegedly evading Iran sanctions. The State Department reportedly refused to discuss the issue without a deal to release US pastor Andrew Brunson, who Turkish authorities moved to house arrest last month. “That’s the real progress that we’re looking for, and obviously we’re not there yet,” State Department spokeswoman Heather Nauert said. Read More