Erdogan warns Turkeys partnership with US in jeopardy

Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey

Erdogan called on Turks to support the struggling Turkish lira by exchanging any foreign currency and gold, saying Turkey faced "an economic war".

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.

The Brunson dispute triggered the collapse in the Turkish currency as investors feared USA financial sanctions. United States stocks were also rattled.

The United States had warned it was reviewing Turkey's duty-free access to its markets, after Ankara imposed retaliatory tariffs on USA goods in response to American tariffs on steel and aluminium.

Trump made his unexpected announcement on Twitter from his golf club in Bedminster, New Jersey, as the Turkish currency, the lira, fell to all-time lows against the US dollar. "Our relations with Turkey are not good at this time!", Trump said on Twitter. Some 4 million displaced people, most them from Syria, are now living in Turkey. Financial upheaval there risks further destabilizing an already volatile region.

Although Erdogan struck a defiant tone and warned of "economic war", his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table". The U.S. was Turkey's biggest export market for steel previous year, though exports have fallen since.

Turkey's trade ministry said the US tariff moves were against World Trade Organization rules. The sanctions are sending a loud and clear message to the North Atlantic Treaty Organisation alliance, which President Trump routinely speaks out against.

In response, President Trump tweeted in July, "The United States will impose large sanctions on Turkey for their longtime detainment of Pastor Andrew Brunson, a great Christian, family man and wonderful human being".

Samsung To Spend $22 Billion On AI, Auto Tech, 5G 08/08/2018
Talented students will receive opportunities to work at overseas research centers under cooperation with Samsung. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

'This is a national, domestic battle.

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018.

One economically-illiterate leader is crippling his own economy and blaming everyone else for it, which then turned out to be partially correct when another economically-illiterate leader chose to cripple their economy as payback for what they have done to themselves. -Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016. Turkey wants Brunson to stand trial.

He added: "Relations with countries who behave like this have reached a point beyond salvaging". Gulen denies the allegation.

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

The lira's plummeting value, the potential for debt defaults, the possibility of a balance-of-payments crisis and rising inflation all represent clouds gathering ahead of an economic storm that could batter the country.

Albayrak, who formerly served as energy minister, on Friday announced what he has described as a "new economic model" for Turkey but he focused on macro-economic issues and steered well clear of tackling the currency crisis.

Related News:



Most liked

Paul Pogba posts cryptic message to Instagram after Manchester United win
Claude Puel , the visiting manager, said: "It was a shame to concede this goal at the beginning of the game. Over, it's finished, the market is closed.

Alaska Airlines plane crashes after unauthorised take-off from Seattle airport
His motive is not clear, but audio between the cockpit and air traffic control indicates the man was in emotional distress. The local sheriff's office said the crash may have been caused by the man "doing stunts in air or lack of flying skills".

Perseids 2018: Where and how to watch the dazzling meteor shower
You won't have to worry about one bonking you on the head - most of the meteors in the Perseid shower are far too small for that. Once evening falls Sunday, expect to see a meteor, or a "shooting star", streaking across the sky every few minutes.

Google Acknowledges Epic’s ‘Fortnite’ Isn’t On The Play Store
Malware can also come bundled with the actual official Android version of the game downloaded from an unofficial third-party. The reason the company behind Fortnite has chose to release the game on Android without the Play store is simple: money .

DOOM Eternal’s brutal gameplay revealed at QuakeCon 2018
The super shotgun also has a new grappling hook feature that'll snatch your enemies and rush you toward them for the kill shot. Thankfully, Bethesda promises additional Doom Eternal news soon so it shouldn't be long before we get more information.

Argentina Senate votes against legalizing abortion
Supporters of the bill held protests for months under the banner of Ni Una Menos, a coalition of women's rights groups. The vote was welcomed by fireworks and shouts of joy among anti-abortion activists gathered outside of Congress.

Emery in spotlight as Arsenal begin life without Wenger
Defensively: first it is to be organised, recover the ball quickly. And then when we have the space, to be aggressive going forward. I repeat: "organised, then play".

Bethenny Frankel’s ex-boyfriend found dead in Trump Tower: TMZ
He was a good man. "So tragic", Carole tweeted, just hours after putting her frenemy on blast on the very same platform. The on/off boyfriend of USA reality TV star Bethenny Frankel has reportedly died from a suspected drug overdose .

Latest Idris Elba As James Bond Rumor Was Completely 'Made Up'
Twitter user @wordtoJude felt this news was a long time coming - "IVE BEEN ASKING FOR THIS FOR YEARS". However, Elba once insisted that no one is genuinely considering him to play 007.

Jurgen Klopp Compares Liverpool to Rocky, Manchester City to Ivan Drago
But he said his team would also need a change in luck if they are to catch last year's runaway champions Manchester City . "Make the best of it". "It's pretty normal that there would be one point where we spent a bit more money.

Tense calm, cease-fire follows another Hamas-Israel flare-up
This comes less than 24 hours after Israeli airstrikes killed three Palestinians on Wednesday night. The military says they targeted more than 150 Hamas militant targets in the Gaza strip.

Cleveland Browns: Preseason Week 1 instant reactions
He hit 11 of 20 passes for 212 yards, didn't turn the ball over and converted two fourth-down plays with his feet. QB controversy in Cleveland? Last season coach Hue Jackson led the Browns to a ideal 4-0 record in the preseason.

Kim Kardashian Reveals Chicago and Saint are 'Inseparable' With Heartwarming New Pic
However, Kardashian has revealed that the youngster doesn't go by her full name and instead is known as "Chi" (pronounced "Shy"). But it is clear Kim is still not sold, saying: 'Chicago just looks really long to me and doesn't flow, so I call her Chi.

When to watch the Perseid meteor shower in Manitoba this weekend
The Perseids are so-called because the point from which they appear, known as the radiant, lies in the constellation of Perseus. The Perseid Meteor Shower takes place when the Earth travels through the cloud of debris left by the Swift-Tuttle Comet.

Mourinho Expects "No" Players To Sign For Manchester United Today
But Mourinho has been keen on bolstering his squad further after they finished second last season, 19 points behind champions Manchester City .