Erdogan tightens his political grip on the Turkish economy
By NEOnline | IR
Ilia Roubanis
Turkish President Recep Tayyip Erdogan is tightening his political grip on the Turkish economy, trying to fend off an unprecedented financial crisis.
At first sight, Turkey is facing an international crisis.
Turkey, Argentina and Brazil have been exposed to dollarized debt. In Turkey, debt denominated in foreign currency amounts to over 40% of the total portfolio of Turkish banks. As the US Federal Reserve is hiking interest rates, the Turkish Lira has lost just under 40% of its value.
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