Conspiracy and cronyism: Turkey’s economic spiral
How Erdogan makes EU opprobrium work in his favour Hours before the Thursday’s decision by the Central Bank of Turkey to raise its benchmark rate 625 basis points to 24%, President Recep Tayyip Erdogan launched into one of what is now a trademark tirade against higher rates. He denounced interest rates as “a tool of exploitation” analogous to the “heroin trade” – and the Turkish lira tumbled in value in response, just as it did when the Turkish strongman decried interest rates as “the mother and father of all evil” back in May.
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