Erdogan’s war against New York
Turkish President Recep Tayyip Erdogan declares war on credit-rating agencies and The New York Times.
On Sept. 17, The Wall Street Journal carried a story titled “Turkey Fires a Salvo at Rating Agencies. Again.”
“Turkey’s love affair with credit-rating firms is proving short-lived, with officials slamming companies that in the last two years elevated the country to investment-grade status,” was the introductory sentence. That was about the harsh criticism of Turkey’s new president, Recep Tayyip Erdogan, toward the influential New York-based credit-rating companies, Moody’s and Fitch Ratings.
The word “again” was noticeable in the title. That meant it wasn’t the first time Erdogan had opened fire against credit-rating agencies. He had accused Standard & Poor’s in January 2013 and eventually severed ties with it. Now it was the turn of the remaining two out of the “Big Three.”
A day before the Journal report, Erdogan had returned from Qatar from his fourth visit abroad as president. The moment he set foot in Turkey, he opened fire simultaneously on Moody’s, Fitch and The New York Times.
