Crises mount for Turkey’s Erdogan
July 9, 2019 -- President Erdogan and his ruling Justice and Development Party (AKP) continue to suffer setbacks since the opposition Republican People’s Party (CHP) took control of six of Turkey’s 10 largest cities.
The latest reversal has been the resignation of an influential former Turkish economy minister from President Erdogan’s ruling party, paving the way for a possible split in a movement that has dominated Turkish politics for the past 17 years.
Ali Babacan, a founding member of the Justice and Development Party (AKP), cited “great differences” over the party’s direction as a reason for quitting. His resignation came two days after Erdogan sacked Turkey’s central bank governor, Murat Cetinkaya. Speculation over his removal had been rising given his reluctance to cut interest rates at Erdogan’s behest.
Over the last two years, the Turkish lira has surrendered 40 per cent of its value against the American dollar. The drop has lifted the prices of imported good, yielding inflation running at above 17 per cent, well above its 10.3 per cent rate in early 2018. Data released last week also showed consumer spending fell in June to its lowest level in a year.
- Erdogan dealt fresh blow as former minister quits AKP (Financial Times)
- Turkey's Democratic Hope Istanbul Mayor Poses Existential Threat to Erdogan (Real Clear Politics)
- Is this the Beginning of the End for Turkey's Erdogan? (Stratfor)
- Turkey’s Long, Painful Economic Crisis Grinds On (New York Times)