How low will Turkey’s currency go?
Recep Tayyip Erdoğan’s chief achievement in his first years as Turkey’s prime minister was to stabilize the economy. He was elected against the backdrop of deep malaise in Turkey and a financial crisis which had decimated the savings of ordinary Turks. In the run up to the November 2002 elections in which Erdoğan’s party won a plurality, the Turkish Lira had lost 30% of its value in a single day.
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