Friday, January 14, 2022

Collapsing Turkish Lira May Bring Erdogan Down with It

THE TIMES: The Turkish president’s disastrous response to an inflation crisis has stirred up anger at his authoritatian rule

President Erdogan has insisted on cutting interest rates, against most economic advice, because he believes interest is condemned in the Quran | GETTY

When anti-government protests spread through Kazakhstan, President Erdogan was quick to offer Turkish support and try to rally other Turkic-speaking countries to the cause. The reason is clear: Erdogan faces a similar threat of a popular uprising at home and he is determined to hang on to power at all costs.

Like in Kazakhstan, there has been an explosion of anger in Turkey over the rising cost of living, corruption and the increasingly autocratic tendencies of its leader. Kazakh anger was triggered by a sharp rise in gas prices; in Turkey it was the precipitous fall over the past six months in the value of the lira, which has wiped out savings, bankrupted small businesses and caused soaring inflation. » | Michael Binyon | Thursday, January 13, 2022 [£]