Lira in freefall: concern about the Turkish economy

The Turkish lira was already under pressure before the coronavirus crisis. Since the outbreak of the pandemic in Turkey it has dropped 20 percent, hitting a record low against the dollar last week. President Erdoğan is blaming foreign financial companies. The pro-government press agrees but opposition voices take a very different view.

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Daily Sabah (TR) /

Turkey will fight back

Turkey has what it takes to overcome the crisis, Daily Sabah is sure:

“Having managed the public health emergency rather successfully, Turkey could experience an economic boom if it manages to contain the coronavirus with equal skill. Building on its key advantages, political stability and strong leadership, the country has the potential to act fast and dynamically. However, an effort is already underway to stop Turkey in its tracks. Last week's speculative attack from London-based financial institutions attests to this fact. Those who wish to stop Ankara from capitalizing on its advantages won't stop now. ... Turkey has enough experience to fight back against such operations.”

Birgün (TR) /

Enough of fairy tales

The government is still refusing to face the facts, Selin Sayek Böke, economist and former spokeswoman for the opposition party CHP, complains in Birgün:

“Economic policy has nothing to do with the art of telling fairy tales. Economic policy is the art of meeting the needs of the population by using public resources wisely. And in order to do this the person in power must be someone who doesn't tell stories about the economy or sell lies, but acknowledges reality and improves it with a holistic economic programme. However it is impossible for this government to take steps in that direction.”

Phileleftheros (CY) /

Left with no more trumps in his hand

Things are getting very uncomfortable for Erdoğan, says Phileleftheros:

“The collapse of the lira and the tourism industry - the locomotive of the Turkish economy - has left Erdoğan with little room to move. And the only insitution that can react immediately to a request from Ankara is the International Monetary Fund, since allied countries like Qatar can't help out because of the oil crisis. ... The economy has always been the Turkish president's trump card. ... Now this strength is turning into a weakness. Erdoğan is no longer so powerful and is being openly questioned within his own party. At the same time he is being blamed for the crisis because he concentrated all the power in his own hands. Dissatisfaction is growing.”