Turkey: Riding The Economic Titanic
Apr. 29, 2019 5:17 PM ET
Summary: President Erdogan continues to “stay the course” and “full speed ahead” pursuing an unorthodox post-municipal elections economic policy which has a deleterious impact on Turkey’s present-day economy. The end of sanction waivers on Iranian oil imports exacerbates Turkey’s plummeting foreign reserves and high external debt and may possibly be catastrophic should Brent prices rise another $10/bbl. Erdogan must create a political face-saving narrative in actively seeking international financial assistance.
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