Recep Tayyip Erdoğan is a Turkish
politician serving as President of Turkey
since 2014. He previously served as
Prime Minister from 2003 to 2014
and as Mayor of Istanbul
from 1994 to 1998. Wikipedia
Erdogan was pointing in Washington’s direction when he said “they have dollars, we have God.”
The exchange rate is around 6.6 liras for one dollar, and 7.5 liras for a euro, compared to 3.5 liras for one dollar and 4.1 liras for one euro in August last year.
Politico, in its July 14 post titled "Europe watches as Turkey burns" has indicated that Turkey's current crisis is the result of years of loose fiscal and monetary policies and is almost entirely of Erdoğan’s own making.
Another observation made in this article points out that "a big part of what makes the situation so dangerous for Turkey is that Erdoğan is the only one with the power to fix things. He is unlikely to do so in the near term."
Instead of pursuing a compromise in his standoff with the Trump administration over Turkey’s imprisonment of an American pastor, Erdoğan is digging in his heels, signalling this week that he’s prepared for “war.” On Tuesday he said Turks would boycott iPhones and other American electronics. He also lashed out at domestic critics of Turkey, calling them “traitors” and “economic terrorists.” (Politico)
Erdoğan has already announced ‘boycott’ of American electronics, according to the latest reports.
Read the full article of Politico here.