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m3n4.net April 24, 2019


Turkey 'not a friend,' president says

19 August 2018, 12:28 | Vera Richards

Turkey 'not a friend,' president says

Emerging market stocks in bear territory after 20 percent drop since January

Relations between Turkey and the US are at a nadir over the detention of Andrew Brunson, an American pastor that Turkish President Recep Tayyip Erdogan's government accuses of being involved in an attempted coup in 2016.

Brunson, 50, was indicted by a Turkish court on charges of having links with the Kurdistan Workers' Party (PKK) militant group and the movement of the US-based opposition cleric Fethullah Gulen, whom Ankara accuses of having masterminded the July 2016 coup attempt against Erdogan.

"We did not and will not surrender to those who act like a strategic partner but make us a strategic target", Erdogan said, in a reference to the United States.

This is while US President Donald Trump said that he authorized the double increase in tariffs for aluminum and steel from Turkey - up to 20 percent and 50 percent, respectively.

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Brunson was charged with terror offenses by a Turkish court and has been held since October 2016.

Turkey has found itself in an economic chokehold as President Recep Tayyip Erdoğan refuses to allow the central bank to raise interest rates, thereby steadying inflation.

Yesterday, a Turkish court rejected an appeal to release Brunson from house arrest, broadcaster Haberturk said. After the USA imposed tariffs and sanctions, Turkey fired back with tariffs of its own on a variety of goods, including cars.

Turkish diplomats are reportedly close to releasing an imprisoned American pastor who is at the center of a diplomatic crisis between Turkey and the US.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades. "Would the amount of Turkey's debts decrease?"

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Turkey has sharply raised tariffs on USA imports, including passenger cars, alcohol and tobacco. Last week, the US also announced plans to double tariffs on Turkish steel and aluminum.

The rising tensions have caused the value of the lira to plunge by about a third of its value against the dollar since January.

"Pastor Andrew Brunson is an innocent man held in Turkey & justice demands that he be released".

The lira has weakened 35 per cent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fuelled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

According to the Middle East Eye, officials in Ankara are willing to concede to USA demands for the freedom of Andrew Brunson, an evangelical preacher accused of playing a role in the attempted coup there in 2016. Trump tweeted Thursday. He criticized Turkey for "holding our wonderful Christian Pastor".

The fight between Turkey and the USA has escalated in recent weeks, with Brunson's detainment as a flashpoint.

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Investors, already anxious about Turkey's economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.



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