Erdogan shakes up foreign policy in response to economic crisis
Turkey's Central Bank rate cut hasn’t stopped the lira’s free fall, as Turkey announces an initiative for rapprochement with Armenia.
![Turkey lira](/sites/default/files/styles/article_hero_medium/public/2021-12/GettyImages-1354245781.jpg?h=a5ae579a&itok=_JvdPk1j)
Turkey’s lira in freefall despite rate cut
On Dec. 8, Turkish President Recep Tayyip Erdogan, who faces re-election in 2023, said that Turkey "is the breakout star of the global economic system that is being restructured with the pandemic."