Erdogan seeks foreign policy score amid currency crisis
Despite its currency’s meltdown, Turkey’s President has still room to maneuver in the foreign policy field.
Turkey’s economy might be going through its darkest days in decades, yet foreign policy still allows Turkish President Recep Tayyip Erdogan to score points.
High-level visits by the Spanish Prime Minister and the United Arab Emirates Crown Prince to Turkey may have thrown a lifeline to Erdogan’s standing at a time when Turkish lira has tumbled to record low levels, unleashing outrage from large segments of the society.
In its Nov. 19 edition, Financial Times reported that the Turkish lira sank to an all-time low, with some analysts describing the situation as a currency crisis. “The currency has declined more than 30 per cent this year after investors lost faith in the authorities’ ability to manage the economy in the face of inflation that accelerated to almost 20 per cent in October,” the authoritative British paper on financial and economic issues asserted.
Turkey’s economic woes are the direct results of the unorthodox views of its strongman. Thus, it is a man-made crisis. The man is none other than President Recep Tayyip Erdogan.
