Turkey to launch action plan to avert financial collapse

13 Agosto, 2018, 06:30 | Author: Arnold Perez
  • Turkish President Erdogan makes a speech during a meeting of his ruling AK Party in Ankara

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.

More news: Miles de personas participan en Marcha del Millón contra corrupción e impunidad
More news: Un dron utilizado en atentado a Maduro fue detonado desde Estados Unidos
More news: Christian Hackenberg now going to the Super Bowl champs

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.

Recomendado:



Popular

Donald Trump praises Mexico, threatens Canada with auto tariffs
Asked if talks would conclude this week, Seade said: "We are advancing well, but there are a lot of things to review". Guajardo said that once bilateral U.S. "We're glad Mexico and the USA continue to work out their bilateral issues".

Alcaldía de Maicao celebró la semana de la lactancia materna
Además, destacó, las empresas se han sumando a los esfuerzos para mejorar la alimentación infantil y promover la lactancia materna .

Detienen a mujer eslovaca por escuchar a Plácido Domingo
Al no respetar la decisión de la justicia ha sido arrestada y tempooralmente encerrada entre rejas. Otro aseguró que " no hay ni un momento de paz , desde la mañana hasta la noche.

15 muertos tras caer bus a un abismo en Perú
Aproximadamente a las 12:30 p.m., en el cruce de las localidades de Santa Clara y Quiches, cayó a un abismo de 300 metros. Entre los fallecidos se encuentran tres niños de 6, 8 y 10 años, de acuerdo con la información.

Ubisoft detiene el desarrollo de Steep en Nintendo Switch
Guardado de datos en la nube , que te permite salvar tus partidas en un almacenamiento online de fácil acceso en los juegos compatibles.

Trump arremete contra jugadores protestantes
Algunos jugadores de los Jaguars de Jacksonville no salieron al campo durante la reproducción del himno en con los New Orleans Saints .

Idris Elba alimenta los rumores sobre ser el nuevo James Bond
Idris Elba , según trascendió, está entre los favoritos para encarnar al próximo James Bond el año que viene en el cine. La próxima película de James Bond se estrenará en 2019 con Daniel Craig en el papel principal.

Cristiano Ronaldo anotó un gol en su particular debut con la Juventus
Según explicó el '7' , su fichaje por el equipo italiano "ha sido una decisión fácil, porque la Juve es un club increíble". Asimismo, reconoció que pese a haber conseguido todo con el Real Madrid , siempre anheló jugar en la Juventus .

Lanata: "Marcelo Tinelli no puede ser presidente ni de un consorcio"
No puedo creer que alguien como ella esté pendiente si algún imbécil dice algo en Twitter. El periodista se animó a hablar de todo, incluso de las grandes figuras del espectáculo.

¿Te gustan los gatos? Ofrecen trabajo como cuidador de 55 felinos
Por tanto, se podría combinar la vida laboral con el ocio personal y hacer una visita por las islas griegas . Una de las funciones del que postule al puesto será cuidarlos .