Erdogan’s wrath is damaging Turkey

Source:Financial Times Date:27Oct2021

Sure, this diplomatic ceasefire has momentarily halted the collapse of Turkey’s currency. But the lira was already heading speedily south before this sound and fury accelerated it; and Erdogan keeps dictating cuts in the interest rates he believes cause rather than curb Turkey’s chronic inflation. Nor will this pause or halt New York courts prosecuting state-owned Halkbank for busting sanctions against Iran. It will not persuade Washington to relent on restricting jet-fighter sales to Ankara because it has bought Russian air defence systems it sees as a cuckoo in the Nato nest.