Turkey: the crash of the lira becomes a problem for erdogan

Turkey: The crash of the Lira becomes a problem for Erdogan

Photo: Wassilis Aswestopoulos

Financial markets are alarmed and ocons warn that the Turkish economy can collapse in the next few weeks

Capital Excession, the Turkish Lira on descent against dollars and Euro, shrinking foreign exchange reserves: Several international ocons prophesies the early collapse of the Turkish economy. The Honor Erdogan spreads theory of conspiracy theories: Allegedly, the Western financial markets prepare an economic coup, after the West had not succeeded two years ago to tilt Erdogan through the coup attempt in July 2016.

Reflex-like Turkish politicians react to the approaching exit of the Turkish economy with blame pointing towards Europe and USA. Not the failed economic and interest policy Erdogan and his clan, not the self-independent real estate bubble is to blame the misery, but foreign speculators and influential investors were trying to speculate the Turkish lira in the ground and ground.

The economist Muratoglu rejects these conspiracy theories: not exercise, but a bad internal management was to blame the misery. The government was trying to let people believe in the countryside that when Erdogan against "stranger made" fights, it was better at the end of all people in the countryside.

The external enemy

An Auberer enemy is created against which it applies to war. For this, the burger should endure some things, bring sacrifices and accept the impoverishment. However, for the population is barely variable, who is now the enemy, sometimes it is Donald Trump, Macron, Mal Merkel. At the end, Erdogan, at the end, pardonfully sweeps the house of his supposed enemies in the end again, says Muratoglu.

Lack of problem inspection and searching for external culprits, we know mainly by children and pubescent adolescents, which can take self-centered in the center of the event and can not consider their own actions self-critically from the distance.

The Turkish Prasident arrived in the Zenit of his power is knitted similarly. Psychologists were diagnosed with a narcissistic personality disorder. Because the rating agency Fitch the Turkey in the Bonitatsnote brochron on BB, D.H. Downturned to the level of Vietnam or Guatemala, after Erdogan’s understanding of the West.

The crash of the Lira

Since marz this year, the Turkish Lira is continuous downhill. Alone since the day of swearing of Erdogan on 9.7. and the appointment of his son-in-law ALLAGRAK ALBAYRAK to the Finance Minister on 10 observed by international ocons with Fruntrunzeln.7. The Turkish Lira rushed by seven percent.

This development was fueled by Earthogan’s ERDOGANS, the president and the Vice-Prassides of the Central Bank as well as other posts alone and to curtain the term of office of the two from five years to four years. This power of power applies to the entire state bureaucracy, where the Prasident can hire the devoted candidates arbitrarily on key positions.

Death Tob for many Turkish banks and companies

The case of the Lira makes the company and the banks to create high loans in dollars. In view of the lirax, they are hardly able to use the loans to use. It is premiumed that therefore, within the next two years, about half of the Turkish companies can go bankrupt.

In addition to the political and economic overall situation, there is also a strong deduction of foreign capital, but also the foreign exchange of companies and private individuals located in Turkish possession. In addition, the internal market is also struck because most normal burgers are highly debtor in their banks and now it becomes difficult to raise the current money for consumer.

With the lira decline, the prices for importger have increased enormously. This has an impact on inflation rate, which is now 15 percent. Watering and bankruptcy companies and the cheap competition through the high-wealthy Syrians, the official unemployment rate have increased to 10 percent.

The ELENDSINDEX, which is calculated by the connection between inflation rate and unemployment, is 25 percent, which is the highest level for 15 years.

With the entry into force of his new prasidial system Erdogan has just the "State fund for deposit insurance" (TMSF) with 937 – Especially since the coup attempt – companies expropriate, one went by € 8.9 billion and 47.000 employees directly. Of course, the expropriations gross as smaller companies have been affecting the economy since July 2016.

Confiscations

Internationally, they were evaluated as a political signal against the free entrepreneurship. National meant that, among other things, all the families were taken in parties, their wound confiscated and terrified of Erdogan followers. Often additional unemployed produced.

In the region Van, for example, the Government’s forced manager of the city administration EDRMIT, ATIF CICECLI, managed by burgers who confess to HDP, with the fundamentation, they had relatives at the PKK. The store and workshops were explored and demolished.

He was under the pretext of land ownership of the population on Vansee, "Foliage" want to invest in municipal property over. The masses in the education system, militar and police, the Braindrain well-trained people, which burdenes everything the Turkish economy and creates more poverty.

Speaking of parties: It was already all the time gang and gift that the spouses of defendants was deprived of the pass – now that was officially arranged by Erdogan.

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