Friday, 17 August, 2018

Erdogan blames "plot against Turkey" for plunging lira

EUR  USD EUR USD
Kenny Thornton | 13 August, 2018, 00:17

He appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and Washington was at stake.

Turkey's spat with the United States has further weighed on the lira.

The currency, which traded 4.7 to the dollar a month ago, has now weakened to 6.4 to the dollar, having lost more than 30% of its value this month, 20% of which accrued in the last 24 hours. The currency drop is particularly painful for Turkey because it finances a lot of its economic growth with foreign money.

In an opinion piece in the New York Times Friday, Erdogan wrote "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

The two governments have been at odds over a wide range of topics - from diverging interests in Syria, to Turkey's ambition to buy Russian defence systems, and the case of evangelical pastor Andrew Brunson, who is on trial in Turkey on terrorism charges. The pastor has proclaimed his innocence.

Turkey, home to the Incirlik air base which is used by US forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.

Iranian Foreign Minister Mohammad Javad Zarif on Saturday described U.S. President Donald Trump's jubilation over economic hardship in Turkey as "shameful".

Washington had already imposed sanctions on two Turkish ministers earlier this month and on Friday President Donald Trump announced a doubling of United States tariffs of Turkish steel and aluminium, saying, "Our relations with Turkey are not good at this time!"

Taliban fighters storm Afghanistan’s Ghazni, seize parts of city
Taliban spokesman Zabihullah Mujahid issued a statement saying multiple attacks were launched overnight in Ghazni . Mashal said there were more than 100 other casualties but he could not give a breakdown of the dead and wounded.

Turkey wanted issues to be solved through diplomacy, dialogue and good intentions, Aksoy said.

"Aluminum will now be 20 percent and Steel 50 percent".

Trump intensified his spat with Ankara by imposing higher tariffs on metal imports, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets. Trump said in a post on Twitter.

"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize.

Turkish President Recep Tayyip Erdogan on the same day urged the public to exchange their gold and dollars for the lira to help fight "a national, domestic battle", while telling them "to have no worries". He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.

The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates.

Investors indicate that the sanctions are just the cherry on top to what's been a financial crisis in the making resulting from a number of the country's policies.

Recommended

  • NASA delays launch of first ever solar probe

    NASA delays launch of first ever solar probe

    As soon as the red pressure alarm for the gaseous helium system went off, a launch controller ordered, "Hold, hold, hold". When it does launch, the Parker Solar Probe will get as close as 3.83 million miles to the sun's surface.
    Erdogan: Turkey target of economic war

    Erdogan: Turkey target of economic war

    Turkish President Recep Tayyip Erdogan urged its citizens to sell foreign currency to support the Lira , which has lost its value. The United States is the biggest destination for Turkish steel exports, with 11 percent of the Turkish export volume.

    Trump Calls Omarosa A 'Lowlife' Ahead Of Her Book Release

    Manigault Newman went on to become Assistant to the President and Director of Communications for the Office of Public Liaison. She also claims without evidence that tapes exist of the president using the N-word repeatedly on the reality show's set.
  • Premier League transfer window winners and losers

    Premier League transfer window winners and losers

    English Premier League club Leicester City said Thursday that they had agreed to transfer German team Freiburg's Turkish central defender Caglar Soyuncu.
    Greek teen Tsitsipas upsets Djokovic in Toronto

    Greek teen Tsitsipas upsets Djokovic in Toronto

    Second seed Caroline Wozniacki of Denmark also crashed out after she lost 5-7, 6-2, 7-6 to Belarus' Aryna Sabalenka. Haase instead played Mikhail Youzhny, beating the Russian 7-5, 6-2.
    Nasa spacecraft heads to sun for closest look yet

    Nasa spacecraft heads to sun for closest look yet

    The launch was originally set for Saturday morning, but was scrubbed at the last minute due to technical glitches. The Parker Solar Probe is completely dependent on its directional heat shield for survival.
  • 5 things we learned from the Premier League weekend

    5 things we learned from the Premier League weekend

    Should Emery take note and elect to start Lacazette with Aubameyang , a sluggish Mkhitaryan looks most in danger. Fernandinho, Kevin De Bruyne and a Silva - either David or Bernardo - is a familiar trio for the away side.
    How major U.S.  stock indexes fared Thursday Consumer News

    How major U.S. stock indexes fared Thursday Consumer News

    The S&P 500 was in slightly positive territory most of the day, putting it once again close to the record high it hit January 26. Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.
    Is Emery prepared for Pep Guardiola?

    Is Emery prepared for Pep Guardiola?

    Ahead of their first showdown on English soil, Emery has welcomed the challenge of getting one over on his compatriot. People how ask how they will do, but I know a little bit about their manager and how good they will handle that.
  • West Nile Virus Found in RI

    West Nile Virus Found in RI

    He recommends using bug sprays with Deet, but there are other options like lemon eucalyptus oil that combat West Nile mosquitoes. Do not apply under clothing, to wounds or irritated skin, the hands of children, or to infants less than two months old.
    White House Describes Military 'Space Force,' Aims To Create It By 2020

    White House Describes Military 'Space Force,' Aims To Create It By 2020

    David Cicilline, who sits in the House of Representatives, asked if "no Republican" would tell the president "what a dumb idea Space Force is".
    Bairstow & Woakes put England in strong position at Lord’s

    Bairstow & Woakes put England in strong position at Lord’s

    What's done is done, though, and India will look for a disciplined bowling performance to get back into the game. After an assured start Keaton Jennings was the first to depart, LBW to Mohammed Shami (two for 27) for 11.

Liverpool vs. West Ham United - Football Match Report Liverpool vs. West Ham United - Football Match Report The Reds begin their season with a tricky tie against a Hammers side that were unbeaten during pre-season. Mane then struck in first-half injury time, finishing from a volley from James Milner at the byline.

Brazil World Cup victor Ronaldo in hospital with pneumonia Brazil World Cup victor  Ronaldo in hospital with pneumonia In total, Ronaldo scored 15 goals at World Cups and won the competition's Golden Boot award for the top scorer on one occasion. He scored 62 goals in 98 games for Brazil , as well as being a prolific scorer for some of Europe's elite clubs.

Omarosa Claims She Heard Tape Of Trump Using N-Word Omarosa Claims She Heard Tape Of Trump Using N-Word The former renowned neurosurgeon, however, does not physically work or advise the president from an office in the White House. She also said she believes the recording proves that rumors about her firing are false.

Kelechi Iheanacho taunts Jose Mourinho and Man United Kelechi Iheanacho taunts Jose Mourinho and Man United A late goal from Jamie Vardy wasn't enough as Leicester City fell to a narrow defeat to Manchester United . But as far as Leicester are concerned, Maguire is not for sale.

EPL: What Unai Emery said about Aaron Ramsey’s future with Arsenal EPL: What Unai Emery said about Aaron Ramsey’s future with Arsenal But the spirit is there and that is the most important thing. "I don't want to forget what we have done last season". So Pep Guardiola will be delighted to have come through a tricky fixture with the three points.

Donald Trump Denounces Racism Ahead of White Supremacist Rally Anniversary Donald Trump Denounces Racism Ahead of White Supremacist Rally Anniversary Counter-protesters turned out to demonstrate against the rally. "I'm still processing that this is actually happening". Preparations have been in the works for Sunday's event for months between law local enforcement agencies, U.S.

Thibaut Courtois apologises to Chelsea for going AWOL Thibaut Courtois apologises to Chelsea for going AWOL Jorginho's arrival saw N'Golo Kante move into a slightly more advanced role, and while he adapted characteristically well, popping up at the back post to volley home the opener in the 34th minute, Chelsea struggled to play through midfield.

Kanye West Says He'd 'Smash' All Four Of Kim Kardashian's Sisters Kanye West Says He'd 'Smash' All Four Of Kim Kardashian's Sisters It's called " XTCY " and it involves West rapping about how he "would smash" all four sisters of wife Kim Kardashian . West upset people this year by declaring support for Trump, and, separately, suggesting that slavery was "a choice ".

Deported Asylum-Seekers Brought Back On Angry Judge's Orders Deported Asylum-Seekers Brought Back On Angry Judge's Orders Carmen is a pseudonym for the woman who, along with her daughter, was seeking asylum because of domestic abuse in El Salvador. She also says four of her five co-workers were killed by a gang over the a year ago , and she fears she's next.

In wake of critical book, Trump calls Omarosa 'a lowlife' In wake of critical book, Trump calls Omarosa 'a lowlife' The accusations are among a long list of scandalous claims contained in her new book, " Unhinged ", set to come out August 14. The White House initially said Newman had resigned but after the "Big Brother" appearance said she had been fired.

Tourists evacuated as flash floods hit south of France Tourists evacuated as flash floods hit south of France Supported by four helicopters, more than 400 firefighters and paramilitary officers were mobilized for the rescue operation. Locals are being urged to keep a close eye on weather conditions and warned flooding would take time to recede.

DC, Charlottesville on edge as white nationalists prepare to rally DC, Charlottesville on edge as white nationalists prepare to rally However, today, in a tweet , he wrote: "The riots in Charlottesville a year ago resulted in senseless death and division". Sunday's demonstrations and the opposing rallies are taking place in an atmosphere of heightened racial tension.

From Kante to the kids, winners and losers as Chelsea beat Huddersfield From Kante to the kids, winners and losers as Chelsea beat Huddersfield Pedro sealed a comfortable win with a cool, chipped finish for Chelsea's third after being played in by substitute Eden Hazard . I saw our spirit, togetherness and good attitude today, which is what we will need to be competitive this season.

Alisson set for debut against West Ham United Alisson set for debut against West Ham United You see what happens around and see how Wolverhampton act, how Fulham act, how Everton act, a lot of clubs are all ambitious. Keita feels a lot of good work was done over pre-season and now Liverpool must show it against West Ham .

Maurizio Sarri hopes Chelsea can play 'Sarri-ball' within a month While he didn't score, the Spaniard's hold-up play was impressive. Callum Hudson-Odoi was tipped to start after a bright preseason. New Chelsea manager Maurizio Sarri got off to a winning start.