Turkey to launch action plan to avert financial collapse

13 Agosto, 2018, 06:30 | Author: Arnold Perez

The Turkish lira took a massive hit against the dollar on Friday following Trump's decision to double tariffs on aluminum and steel imports from Turkey to 20 percent and 50 percent.

Negotiations failed to achieve the desired results, prompting the Turkish government to try more aggressive tactics, regardless of their costs to the country's economy and worldwide standing. The European Central Bank announced on Friday that it was concerned about the Lira's exposure to European banks, fearing that financial contagion may spread to major lenders such as Unicredit, BBVA, and BNP Paribas.

"Our relations with Turkey are not good at this time!" he wrote.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of United States sanctions after Trump abandoned the 2015 nuclear deal.

Turkey has already retaliated by making its commitment to its North Atlantic Treaty Organisation membership ambiguous.

Calling on the US, Erdogan said: "It is a shame".

During Sunday's meeting, President Recep Tayyip Erdoğan also said that the fluctuation in the Turkish lira is a plot against Turkey, but the Turkish people will not give in.

The Turkish lira on Friday hit a record low following President Donald Trump's announcement he was doubling USA tariffs on Turkish metals.

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The currency has lost more than 45 percent of its value this year, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and worsening ties with the United States.

The Trump administration threatened to impose additional sanctions on Turkey if it did not meet the deadline, Erdogan said. "The entire Turkish public is against United States policies that disregard Turkey's legitimate security demands", Kalin, also a spokesperson for Erdogan, wrote for the pro-government Daily Sabah newspaper.

In a statement the White House clarified that Trump had authorized the preparation of documents to raise steel and aluminum tariffs.

Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.

The lira sell-off deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan. Gulen has denied the allegation.

Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

Last week, a Turkish delegation went to Washington and met US counterparts but there was no breakthrough.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.

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