Turkey commting assisted economic suicide?

Aug 2014
3,700
Australia
This is one of the side effects of a Trump presidency. Before Trump, tyrants had to bare in mind the US reaction if they acted too heavy-handedly. Today it is no holds barred.
 
Mar 2016
663
Antalya
Looks like Turkey is getting its debt problem under control.
Revisiting Turkey's Debt Problem - Gold Goats 'n Guns

The article is a little simplistic though. Turkey's largest trading partner is the EU, not Russia or China, and two most widely traded currencies in Turkey with the lowest buy-sell spreads are the dollar and the euro, not the ruble or the yuan.
Turkey gets nothing under control so long as the corrupt AKP government, and their greed-driven policies/greedy mindset coupled with problematic approach to foreign relations is changed. AKP government is a disaster for Turkey in terms of international politics, save perhaps latest developments in Syria in last one or two years.
 
Aug 2014
3,700
Australia
Turkey gets nothing under control so long as the corrupt AKP government, and their greed-driven policies/greedy mindset coupled with problematic approach to foreign relations is changed. AKP government is a disaster for Turkey in terms of international politics, save perhaps latest developments in Syria in last one or two years.
I agree. It doesn't change the fact that Turkey's debt is getting under control. It has plenty of other economic problems, though.
 

Fox

Ad Honorem
Oct 2011
3,849
Korea
Turkish Food Fight Spreads With Fines, Raids as Inflation Stings

Turkey has found that fighting words alone aren’t enough to deter the people it blames for runaway food inflation.

After weeks of bashing those deemed price-gougers as traitors and even terrorists, President Recep Tayyip Erdogan’s AK Party is backing up threats with deeds. Fines are on the way after raids of wholesale food markets in five provinces on Feb. 6 uncovered “exorbitant” price increases of up to 800 percent for certain items, Trade Minister Ruhsar Pekcan said on Sunday.

Authorities also want to cut out middlemen by purchasing vegetables directly from farmers and selling them at cut-rate prices in Turkey’s two biggest cities, with tents up and running at numerous locations from Monday. Discount sales will be expanded to include cleaning products, according to Erdogan.

Whether price-gouging alone is at fault remains a question, especially after the rapid depreciation of the lira in August raised the cost of food imports and transportation. Recent flash floods in Antalya may have also contributed to some shortages, although Treasury and Finance Minister Berat Albayrak has dismissed the idea that adverse weather was to blame, saying it damaged only a fraction of Turkey’s greenhouses.

“The inflation reduction campaign is perceived to distort relative prices and to be unsustainable,” Bank of America Corp. analysts said in a report.

But with municipal elections less than two months away, the showdown against rampant inflation is a political no-brainer because high food costs disproportionately hurt poorer sections of Turkey’s 82 million people that traditionally have supported the president’s party. In taking the fight to market stalls and warehouses, Erdogan suggested the government’s resolve would be no different than when it battled armed Kurdish separatists.

“The government will finish off those terrorizing wholesale food markets in no time, the way it finished off those terrorists in caves,” Erdogan said in televised comments on Sunday.




With food inflation at an annual 31 percent, the highest since at least 2004, the government is resorting to top-down solutions, going as far as deployinglocal police forces to monitor stores. Following raids this month, the Trade Ministry is looking to penalize 88 companies with fines of over 2 million liras ($381,000), Pekcan said in a statement.

The municipalities of Ankara and Istanbul will open stalls hawking cheaper vegetables at dozens of locations on Monday. Erdogan said they’ll be sold at cost price. On a monthly basis, the price of eggplants, cucumbers and tomatoes jumped 81 percent, 53 percent and 39 percent, respectively, according to official data.

“Our inspections will continue across Turkey at full steam to give no respite to opportunists,” Pekcan said.
 
Apr 2012
972
The Netherlands
Erdogan is doing exactly the same thing that Maduro did in Venezuela. The economy can't recover from these policies. He might win this election but he won't win the next one.
I think what Erdogan is aiming for is a Turkey without elections or at least election that aren't stacked in his favor. Its all been about increasing his own power and after making himself pseudo dictator Erdogan won't let his new powers go. Who cares if the economy won't recover? Its not like the electorate can punish him for it by the time he's done reforming the country.
 

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