CAIRO — The economic crisis looming over Turkey hit a high point in May with the Turkish lira losing around 20% of its value, reaching 4.25 to the dollar. Egyptian, Arab and regional media coverage has focused on its impact on free trade agreements between Turkey and some Arab countries, mainly Egypt.
Tensions soared between Egypt and Turkey in 2013, after Egypt's armed forces ousted Egyptian President Mohammed Morsi and his Muslim Brotherhood-dominated government. Turkish President Recep Tayyip Erdogan saw the toppling of Morsi as a military coup and hosted several Brotherhood leaders who were accused by Egypt of planning and financing terrorist acts there.
