Turkey's Financial Crisis

https://adamtooze.substack.com/p/chartbook-63-turkeys-financial-crisis

by jseliger • 5 years ago

116 181 5 years ago

adamtooze.substack.com

Erdoğan claims that lowering interest rates to zero or near zero is more in line with Islamic principles, which may be true (according to interpretation of Islamic principles, I assume). This is a bold move that reinforces what was already suspected: he is continuing to solidify his power by appealing to Islamic sympathies.

During the recent coup calls to resist the belligerents were broadcast over mosque loudspeakers and throats were being slit in the street. Praises to Allah could be heard.

Ataturk strengthened Turkey by moving it away from the regional Islamic influences. He changed the alphabet and implemented laws to guide Turkey toward a secular culture. Islam was acceptable (as Turkey was attempting to be a "free" republic), but not compulsory.

If Erdoğan continues to mold Turkey's future Turkey will soon look more like Syria in terms of culture, and less like Western Europe, which it recently did.

midasuni2• 5 years ago

Paradox of tolerance.

beebeepka2• 5 years ago

Heh. I wasn't aware religious beliefs include monetary policies. I just hope they don't start another war out of desperation.

hereforphone5• 5 years ago

One big concern is that Erdoğan will likely hold on to power however he can. He's already circumvented the constitution (and changed electoral law). I believe he will fight to maintain his reign if necessary. He has about 50% of the country behind him, and as far as I can tell the allegiance is based on religious principles, which makes it a strong allegiance indeed.

thatguy0900• 5 years ago

Many religions have laws about interest and usury. Catholics were unable to lend with interest between each other for a very long time. I suppose it's not a stretch to say if a person can't charge interest the government shouldn't be doing it either.

DSingularity2• 5 years ago

Throats were slit? I never read that.

If you believe in democracy you would celebrate the failure of a coup. Even if you hate the surviving leader, you ought to prefer defeating him within the frameworks of democracy.

You seem to really dislike Muslim culture. If the people of Turkey want their culture to closer to that of Syria instead of Germany, what’s the problem?

nickff• 5 years ago

"If you believe in democracy you would celebrate the failure of a coup. Even if you hate the surviving leader, you ought to prefer defeating him within the frameworks of democracy."

You are supposing that the once freely-elected leader will permit a reversion to 'free' democracy. In fact, rigged elections form the basis of stable autocracies. Outright juntas and dictatorships are actually more likely to transition to 'free' democracies.[1]

[1] https://en.wikipedia.org/wiki/The_Logic_of_Political_Surviva...

grenoire• 5 years ago

The problem is that people suffer the transition's consequences.

The current state of affairs has driven a rather large part of the country's population, who share Western ideals and want to pursue them for their nation, prefer a coup over whatever this ongoing messy loss of wealth and human capital is (certainly not 'democracy,' though). That should be telling, but it's hard to have Westerners empathise, I guess?

wheelerof4te13• 5 years ago

Westerners think that their culture is the greatest of all time, how could you not accept it? They are even exporting it together with their bombs and missiles in case you don't comply /s

But seriously, if their "culture" consists of gender theories, Holywood movies, superhero novels and the like, they can keep their culture.

ardacinar• 5 years ago

I remember there was an instance of a soldier being beheaded on the Bosphorus bridge. Not sure about the plural though

luckylion• 5 years ago

If you believe in democracy you would celebrate the failure of a coup.

That depends, I suppose. Hitler was democratically elected. Hard to say what might have happened, had one of the many plans to assassinate him had worked, but I'm not sure we'd look at it retrospectively as an attack on democracy.

cblconfederate2• 5 years ago

Even if you hate the surviving leader, you ought to prefer defeating him within the frameworks of democracy.

Not in this case. The military (with its coups) was often the force that kept the turkish democracy alive, or else it would have fallen to many more dictators

https://www.aljazeera.com/news/2016/7/16/timeline-a-history-...

forvelin3• 5 years ago

It has nothing to do with religious beliefs, its all about gathering capital on his side. He is just abusing peoples' religious beliefs. Everybody knows the new savings scheme he introduced is essentially increasing interest rates.

Contrary to popular belief, I do not think that Erdogan will continue to mold Turkey's future. So far Turkey always had 40-50% opposition which could not unit, but now they are all united and next time it is certainly going to tip the scale in the right way. He will do everything to delay the elections or call them at the right time -like now ?- but his plans don't always work out -not far, look to recent Istanbul elections he lost.

1cvmask5• 5 years ago

He lost all three of the biggest cities of Istanbul, Ankara and Izmir. Yet his coalition actually increased their total votes in the municipal elections by getting more votes in other cities.

costac4• 5 years ago

Everybody knows the new savings scheme he introduced is essentially increasing interest rates.

This is not true. Raising interest rates would mean raising the cost of funding for the banking system. Under the new saving scheme, since the Treasury pays depositors the extra yield, the cost for banks remains unchanged. As does the marginal cost of borrowing from the central bank.

The new saving scheme is a free dollar call sold by the country's Treasury to depositors. And it will pay it out by printing money.

smnrchrds2• 5 years ago

Islam was acceptable (as Turkey was attempting to be a "free" republic), but not compulsory.

Until Erdogan overturned it, there was a ban on women wearing hijab (the head covering , that the vast majority of Muslims consider a basic tenet of their religion) in universities in Turkey. I leave the judgment to you, but personally I wouldn't consider asking millions of people to choose between adhering to their religion and getting a higher education to be treating their religion as "acceptable, just not compulsary".

https://www.bbc.com/news/world-europe-11880622

Cyph0n• 5 years ago

Yep. A lot of people seem to - willingly or unwillingly - ignore the dark side of Ataturk’s revolution. The fact of the matter is that nothing in the real world is ever as rosy as you would like it to be.

Bayart3• 5 years ago

I would feel extremely comfortable banning those head coverings from all universities, if not all public venues. Religious vestment simply has no place outside of ritual occasions. But then again, I'm from the country Atatürk took after. From our point of view, allowing religion to exist is treating it with tolerance. Acknowledging religion as something that deserves any sort of deference by the State isn't acceptable. And I say that as an otherwise religious person myself (don't take it as the stance of some rabid atheist).

hereforphone5• 5 years ago

I don't disagree with you but I'd like to provide some context for how things have shifted, for others reading this thread. The current headscarf culture in Turkey, as I see it.

The head coverings (various kinds) are associated with modesty. They are often fashionable modesty (?!) in Turkey now, as Armani and others advertise cutting-edge, expensive headscarfs. Some women are using them as a status symbol. They can also be used to signal pro-Erdoğan, pro-Islamist (in a government sense) sentiments.

Now, a woman not wearing a head covering (very many do not) may be called a slut by women wearing them. Rare perahps, but these things happen. There is often a palpable tension between the groups of women who wear them, and the groups of women who do not. It is as I said often a political symbol.

dan-robertson3• 5 years ago

It seems to me that headscarf-wearing is quite politicised in many countries and I think there is a risk of applying the standards of one’s own political group in one’s own country to another place where the connotations are different.

For example in developed English-speaking countries, allowing headscarves is seen as promoting diversity, inclusiveness and tolerance. Wanting to restrict this is generally considered to be somewhere between right-wing and bigoted. In France, views tend to be different. In Iran, where hair coverings are mandatory for women, the connotations are different and they can be symbols of an authoritarian or oppressive government (to certain people at least) instead.

In this case, as well as the culture in Turkey, one must consider:

- changing attitudes to who attends university since the old rules were introduced.

- changing attitudes among Muslims to headscarves since the old rules were introduced.

- changing attitudes towards secularisation (and politics in general) since the old rules were introduced.

It seems to me that most HN readers (myself included) are not in a good position to pass judgement and that this comment benefits from the liberal anglosphere view aligning with its arguments. But I don’t know how that fits in with the way Turks think or used to think.

wheelerof4te13• 5 years ago

Syria was a prosperous and deeply secular country, with many cultural sites dating back to the ancient world. At least it was until imported wahabbi terrorists from you know where started to split the country up, turning parts of it into a Islamic State caliphate.

Today, Syria is being plundered by the same countries that helped the terrorists sell the stolen oil. We all know which country smuggled truckloads worth of oil then, and which country does the same now.

Comparing Turkey's and Syria's cultures is like comparing an ugly frog to a beautiful marmaid.

justicezyx2• 5 years ago

That country is Russian, right? Or Saudi Arabia?

I am not very familiar with Syria situation. Purely a honest question.

hereforphone5• 5 years ago

They fall like dominoes. Where does the chain lead?

csomar3• 5 years ago

Erdoğan is a Ottoman and not an Islamic leader. He is using Islam to reach his goals but he is not married to it. He'll move away from Islam as soon as it no longer serves his purposes.

justicezyx2• 5 years ago

Even a fictional character, Paul Atriades, knows that religious zeal is a beast that cannot be contained. I am more inclined to believe that as a skilled politician erdogan should be well versed in history and politics to see that danger. And I believe that he indeed is a believer of Islamic religion.

midasuni2• 5 years ago

But will the country. Like other populists found out, once you unleash the beast you have a job on taming it again

hereforphone5• 5 years ago

What is an "Ottoman leader"?

cblconfederate2• 5 years ago

Not at all. Ottoman Sultans led a multicultural empire. There is now not a single neighbour of turkey that has good relations with them. Erdogan is an opportunist populist, not a great leader, sadly for turks

azth5• 5 years ago

according to interpretation of Islamic principles, I assume

It's literally in the Quran:

* https://quran.com/2/275

* https://quran.com/3/130

And the Hadiths:

* https://sunnah.com/riyadussalihin:1615

* https://sunnah.com/bulugh/7/62

This isn't a matter of interpretation.

tim3332• 5 years ago

Ah - I hadn't realised God himself took a position on interest rate policy.

DSingularity2• 5 years ago

The one thing that the central bank is not doing is raising interest rates. This is at the heart of the entire crisis.

Okay am I missing something here? Europe has negative rates. The US has negative rates. But when Turkey lowers rates from 19% (!!?!!) to 14% it creates a “crisis”?

lumost2• 5 years ago

there is a "natural" interest rate which is roughly what a lender would expect to earn when lending to a reputable borrower. The Federal Reserve/ECB may lend at a slightly lower/higher rate than this natural rate - but going far away from it leads to a crisis as the money supply becomes distorted.

There is a big difference between lending at 0% when "natural" interest is .25% and lending at 14% when natural interest is 20%. If inflation is 18% you're effectively giving consumers 4% return on borrowed money, which means everyone will borrow as much money as they possibly can and use it to purchase goods.

jbay808• 5 years ago

Lending at 14% when [...] inflation is 18%

In the US, inflation is nearly at 7%, while savings accounts yield around 0.05%. Doesn't that mean Americans are discouraged from keeping money in savings accounts about the same amount as Turks are?

skybrian3• 5 years ago

High inflation and low interest rates in Turkey means that depositors there lose more money than they would if it were in Euros.

mastax• 5 years ago

Therefore people are discouraged from holding deposits, and encouraged to spend Lira - exacerbating inflation.

mghfreud7• 5 years ago

Until last year, US and Europe was desperately trying to raise inflation. I do not remember any time in Turkish history when this was the case.

Anyways, current Turkish PPI is >50% (and it will only increase in coming months.). The real interest rate in Turkey is in far negative territory compared to US and EU, where they are desperate for inflation.

syshum3• 5 years ago

> US ... was desperately trying to raise inflation.

Well good news, they succeeded beyond their wildest dreams....

financetechbro• 5 years ago

US does not have negative rates. Every other central bank would raise interest rates with inflation at the levels we’re seeing in turkey. They problem here is that Turkey is doing the opposite

halpert2• 5 years ago

They have negative real rates.

LatteLazy2• 5 years ago

The US doesn't have negative interest rates, but with inflation over 6% and rates at 1.25% that's a pretty big negative real rate...

1cvmask5• 5 years ago

I looked up the core values of Turkey. And their debt to gdp ratio is 40%. Neighboring Greece is 200%. The Turkish economy was the second fastest growing economy last year in the G20 and is on pace to be the one of the fastest growing economies this year. Turkey has had record exports and been one of the most successful in tourism both last year and this year helping the current account deficit. Yet bankrupt Greece can borrow at almost 1% interest rate with over 200% debt-to-GDP ratio. Meanwhile there is an unofficial blockade on international lending to Turkey from the US and its cluster of allies/subjects. That is the real story of the attack on the currency and the financial system. The US did the same to Chile by undermining its economy and killing its financial system before staging a coup (Obama attempt to kill Erdogan and stage a coup in Turkey failed in 2016):

https://youtu.be/EYrznlDTE_M?t=7576

forvelin3• 5 years ago

is this unexpected ? erdogan literally buys weapons from russia as a nato member, allies with putin at every occassion and disregards any civilized values. he'd like to squeeze minorities as he wants, oppress the opposition as he wants and ally with whoever he wants. at that point, people might not want to cooperate with you, a bit of diplomacy eh ?

baybal2• 5 years ago

erdogan literally buys weapons from russia as a nato member

After US refused to sell PAC 3 despite Istanbul pleading for it since even before Erdogun

1cvmask5• 5 years ago

The US has always put arms embargoes and blockades on Turkey, even having formal ones in the 1960s and 1970s. The US also arms the terrorists in Turkeys south to attack and terrorize the country. According to CIA agent John Stockwell and others they have been arming those terrorists since the 1970s on Kissingers orders to attack Turkey. The US also refused to sell defensive systems to Turkey under the Obama blockade. The Turks bought it then instead from the Russians. Other NATO countries also have both Russian weaponry and the S-class defensive system like Greece, Bulgaria and Hungary. Turkey is clearly not competent enough to build it itself which is why it bought it.

wheelerof4te13• 5 years ago

So, he is acting like a leader who puts his country first? How is that bad?

If US doesn't want to sell weapons to Turkey, its NATO ally, is Turkey supposed to give up and stay defenceless against terrorists that attack its borders?

_0w8t• 5 years ago

Erdogan may use Putin when it suits him, but when the interests no longer allies, he has no problems acting very much against Russia wishes. Like it was in the recent war between Armenia and Azerbaijan or when Turkey sells weapons to Ukraine.

mghfreud7• 5 years ago

Dept to gdp of Turkey is 40%, if you believe official numbers. But they are not publishing numbers for dollar denominated guarantees to PPPs.

This is only one of the many unpublished “dept”s.

The more the Turkish lira devaluates, the more the public has to pay for the PPPs. Hence, when considering for creditworthiness, you need to account for all, not a single number.

hoffs• 5 years ago

Really quickly went from 0 to 100 at the end there

wheelerof4te13• 5 years ago

You are correct. What many here don't realize is that the current financial system is directly tied to the wimps and wants of the USA.

Speculation abounds at Wall Street, London stock exchange and other western financial institutions. They are the ones dictating the price of money, the exchange rates and asset bubbles. They have the power to financialy attack any country in the world that does trade in US dollars and euros (almost all countries in the world). As we can see, even their "allies" are not spared.

howmayiannoyyou2• 5 years ago

You're looking at the wrong metrics. Instead:

- Change in foreign reserves.

- Private debt to GDP, particularly denominated in EUR and USD.

- Turkish private bank debt to FX reserves, particularly denominated in EUR and USD.

Turkey's problem is having to pay for inputs in EUR or USD and interest payments in EUR or USD at the same time such reserves and the ability to acquire such reserves are in decline & increasing in cost.

jcfrei• 5 years ago

Any source on that claim that Obama was behind the coup attempt in 2016?

ahelwer• 5 years ago

There are never any sources on these things until 20 years after the fact. So we really don't know. But if you'd gone ahead and assumed America had a hand in every coup in the Western world over the past century, you'd at least have a pretty good batting average.

genousti• 5 years ago

You are 100% true. But erdogan did buy russian weapons after the us forbade him to buy american ones. Turkey disobeid the american golem and must pay the price

LatteLazy2• 5 years ago

I don't really disagree but... Greece is backed by Germany so they're a bad comparison. Without that backing they'd be Turkey right now.

baxtr• 5 years ago

Just a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation?

PS: This is a sincere question…

EDIT: some are asking why not real Euros or Dollars? I was thinking convenience and availability. I’m not sure if you could just easily get dollars in Turkey.

TimVulcanus• 5 years ago

Well you could if you are talking about usd stablecoin, but you could have also simply buy another currency be it euro, US dollar... as long as its value compared to the turkish lira was greater.

theNJR• 5 years ago

Turkey banned crypto https://fortune.com/2021/04/30/turkey-crypto-ban-erdogan-cry...

1cvmask5• 5 years ago

Fake news. Turkey has some of the most active crypto exchanges in the world.

https://www.reuters.com/markets/us/exclusive-turkeys-cryptoc...

mertd• 5 years ago

What extra advantages do they get from stable coins over simply walking to an exchange kiosk and buying Euro or USD?

dehrmann3• 5 years ago

Bonus: local merchants are going to get really used to seeing those currencies soon.

latchkey2• 5 years ago

In $100 bills, the weight of $1 million is about 22 pounds.

halpert2• 5 years ago

Not just stable coins, holding many types of assets would help. It’s very common in many countries to hold savings in US dollars to avoid domestic currency fluctuations. Stable coins may be a convenient way to do achieve this goal, but also has counter party risk with the coin issuer.

dehrmann3• 5 years ago

Why not dollars, pounds, or euros?

dehrmann3• 5 years ago

Nit: buying currencies shouldn't be an investment, but it can be speculation or a hedge.

AlexCoventry• 5 years ago

Why not straight-up crypto? Ethereum is up 647% from a year ago.

latchkey2• 5 years ago

I did a "dumb" crypto experiment to prove your question.

Just over a year ago (Nov 2020), I bought $100 of BTC and $100 of ETH... on Paypal of all places. Didn't touch it at all.

Today, it is worth $1221.37 (+510.32%).

ETH: $899.22 (+799.22%), BTC: $320.77 (+220.77%)

You're right mentioning ETH over BTC. =)

My plan is to donate this to charity.

sdasdasczxcxzc• 5 years ago

Crypto is especially known for stability.

deeviant• 5 years ago

Yust a question: would it have been a good idea for a Turkish person, say, a year ago, to invest in stable coins to prevent suffering from Lira depreciation?
PS: This is a sincere question…

No.

PS: This is a sincere answer.

selimthegrim• 5 years ago

Azerbaijan v. Georgia? To heal? Tooze is good but needs to hire an amanuensis.

kingofpandora2• 5 years ago

Indeed ... that's a sizeable error and it jumped out immediately. Hope the rest of the article is free of such mistakes!

kw-maller• 5 years ago

Keep wondering if this is a panicking move or some weird long-term strategy. Are there any benefits to what they're doing, short- or long-term?

lvl100• 5 years ago

This is why you always hold real assets. And, no, crypto is not real.

azth5• 5 years ago

Hopefully crypto will become more real in the future and offer a way out of the corrupt usurious fiat system.

imtringued2• 5 years ago

Crypto ala Bitcoin is built on the same usurious model but worse. The only solution is negative interest on cash.

Andrew_nenakhov• 5 years ago

The worse crisis Turkey has now, the better it is for its future. The policies of a charismatic autocrat must publicly and catastrophically fail, vaccinating the country against such types and returning the county on the secular track.

In democratic countries, people can rebuild from any crisis, so any dark period is temporary. In theological autocracies darkness has no end, and future gives no hope.

kranke1552• 5 years ago

This is the whole point of democracies, you can throw people like this out.

Unfortunately for the Turkish people, you can push people pretty far in a well managed dictatorship - ie Belarus, Venezuela - and continue in power. This is why having dictators is never a good idea, you can’t replace them when they stop having any purpose.

mrtksn• 5 years ago

Erdogan pulled a huge pump and dump scheme a few days ago. He kept repeating everything that makes the Turkish Lira weaker and weaker, he and his government claimed that the plan is to lower the lira and compete on price and the lira is not weak because they failed but because that's the plan. We will be the next China, they said.

Then on the night of Dec 20, he introduces a financial instrument where the government offers %14 interest and guarantees to pay the any difference if it happens that the lira devalues. With a coordinated effort, government banks start selling $USD the whole day and whole night when the markets are shallow and Turks are asleep, selling off at least 7B$ of the reserves of the central bank and who knows how much of other banks, lowering the $USD from 18 the night Turks went to bed to 11 at the morning.

Look at that graph: https://twitter.com/tashecon/status/1473065067914702852

Then they continued to sell off the national $USD reserves, conducting a full blown media propaganda operation including advertisement that is obviously produced at least days before the event. Looking back, just the day before the stock market crashed with %10 and there are rumours of certain businessman being informed that the government will change it's stance and intervene strongly.

Then we had the Economy minister bragging how they screwed up the little guy who bought $USD at over 14 in an attempt to protect their savings, adding that no institutional investors were harmed in the process.

It's just a crypto-bros level of shake off organised and executed by the government. They claim that the orthodox economists are to be blamed for the losses, how silly they are for not accounting for the government tricking the people. Imagine FED giving guidance for interest rates decrease then out of the blue dramatically increasing the rates at midnight once the pals of the president position themselves correctly and saying that the public shouldn't have listed to the economists.

At this very moment, Erdogan is having an "interview" that is broadcasted by multiple TV channels and as expected they again started selling off $USD as he began speaking, pushing the dollar from about 12 to 10.

Take a look at that chart: https://imgur.com/a/CxYYfyL

That's %20 daily volatility.

janmo• 5 years ago

I wonder how long their pump will last, their USD reserves are now exhausted, their new savings plan will also cost a fortune.

darkhorn3• 5 years ago

They are going to continue selling land and military companies to Qatar and other Arabs.

bsanr2• 5 years ago

Imagine FED giving guidance for interest rates decrease then out of the blue dramatically increasing the rates at midnight once the pals of the president position themselves correctly and saying that the public shouldn't have listed to the economists.

The Fed has done worse, just on a longer timescale. Alan Greenspan may, in fact, be the devil.

wheelerof4te13• 5 years ago

The plan is to get rid of $US reserves and replace them with a currency of some other country. Maybe China.

Bold move, and a smart one, considering the outright hostile actions by the US towards the country. No dollar reserves, means no more economic bullying by the US.

NicoJuicy4• 5 years ago

Then Turkey will become China's puppet, like Russia is now.

Russia is already losing their strong engineering force to China, their resources are bought cheaply by China and China is not even remotely investing in Russia. Much to the dismay of Putin.

Turkey next?

SilasX• 5 years ago

Wow, that’s bizarre. I don’t recall governments ever aggressively propping up their currency, usually they devalue it as a silent tax or export subsidy.

throwaway472927• 5 years ago

https://en.m.wikipedia.org/wiki/Black_Wednesday ?

tim3332• 5 years ago

You call it a "pump and dump scheme" but only give evidence of pumping and not dumping. A dump would be Erdogan buying back a load of USD at 10 to 12 but I'm not sure they are doing that?

throwaway123x24• 5 years ago

Can anyone cite Muslim economists or theorista who endorse Erdogan's scheme? A vague "we don't do interest because Islam bans usury" hardly sounds like good policy. What is the Islamic alternative to the current macroeconomic framework?

kranke1552• 5 years ago

They charge interest through other ways in “Islamic banking”. That’s all I know about it. Basically financial engineering, ends up in a be same way. Afaik there is no Islamic economics, just a bunch of funny business to avoid going against the religion. Same system in most places.

azth5• 5 years ago

Those schemes that attempt to bypass usury by calling it something else are not Islamic. Many scholars have called them out.

Proper Islamic finance involves risk from both parties. E.g. one party provides funding, the other provides labor, if the project succeeds, they both reap the rewards. If it doesn't, then the first party loses money and the second the labor.

Islam very clearly calls out schemes to construct loopholes to bypass prohibition. One such transaction is that of the Einah sale: one party sells an item for a certain amount to be paid by installments (say sells a car for $12,000 to be paid $1000 per month over the next year), then the same party buys the same car for $10,000 cash. What ended up happening is that party B owes party A $12,000 to be paid over the year, but they received $10K cash. This is absolutely forbidden. Similarly, any scheme that stitches together a series of individually permissible transactions to come up with an overall transaction that mimics interest is absolutely forbidden as well. We don't have loopholes in Islam.

markvdb• 5 years ago

Large movements, high volume, in currency not stock. The powers that be know the direction. How difficult could it be for them to make piles of money out of this? How difficult would this be to cover up?

I'm not very familiar with the mechanics of forex markets, but I'm fairly certain that a small circle of well-connected people has made a killing out of this. Which raises a question...

To what extent was plain and simple greed part of the motive for setting up this unorthodox policy? Insider trading.

darkhorn3• 5 years ago

In recent months it has appeared that some high ranking members of AKP is taking over private businesses by arresting, threatening or even killing the owners. Biggest media company in Turkey was bought by Erdoğan without spending a penny. They still didn't pay. https://www.ft.com/content/3273aafc-4317-11e8-97ce-ea0c2bf34... Also watch this one https://www.youtube.com/watch?v=dvWOVToEmsA

pmayrgundter• 5 years ago

Nice up-to-date overview of Turkey/US relations:

https://sgp.fas.org/crs/mideast/R44000.pdf

Turkey's Financial Crisis

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