“The one who comes by way of crisis goes away by way of crisis” is a mantra that one often hears in Turkey’s opposition quarters. It's about President Recep Tayyip Erdogan, who was propelled to power by a crisis that erupted in 2001, then the worst Turkey had ever seen. In early elections in 2002, voters held the ruling coalition responsible for the joblessness and abrupt impoverishment the crisis had caused. All three coalition parties were ousted from parliament, and Erdogan’s Justice and Development Party (AKP) won a mandate to govern the country alone.
After 16 years of AKP rule, Turkey is again facing an economic crisis, fueled by the meltdown of the Turkish lira. The first omen came when the lira began to slide ahead of the 2017 constitutional referendum that Erdogan called to pave the way for an executive presidential system. The currency crisis worsened abruptly in early August, following Erdogan’s victory in the June 24 presidential polls. The lira lost 23.3% of its value in a single day on Aug. 10. US President Donald Trump’s decision to raise tariffs on steel and aluminum imports from Turkey played a triggering role, but the central problem was Turkey’s increased economic fragility under the growing weight of bulky foreign debts.
