Timeline of events so far centred on bank shows this is a case that could run and run. Roles of Trump and Erdogan in addressing affair under scrutiny.
Officials unleashing flood of cash in bid to reboot economy and president's popularity. Analysts are wary.
Budget deficit grew 51% y/y to 86bn lira in January-September. Even 80bn lira of transfers from national lender to Treasury in year to date has not stopped it widening.
Indictment restarts popular soap opera. Prosecutors think Erdogan has some explaining to do. New York judge says of convicted Atilla announced as new Istanbul stock exchange boss: “I suppose that’s one way of integrating back into society”.
State bank fails to send lawyer to initial court hearing on conspiracy to evade Iran sanctions.
German auto giant, fearing reputational damage by association following Turkish invasion of Syria, is taking stock of situation.
“We were not consulted and we do not support it,” says spokesman for development bank that owns 10% of Borsa Istanbul. Appointment widely seen as political rebuttal to New York indictment brought against state lender.
Move will be taken as underlining Turkey’s angry rejection of US indictment of public lender on Iran sanctions-busting charges.
Meanwhile, Turkey-Singapore JV Mersin International Port obtains approval to issue up to $650mn of Eurobonds, and Vakifbank obtains $417mn securitisation loan.
Liquidity has dried up. Analyst says “situation smacks of capital controls”, adding: “I'm not sure I see how another FX crisis in Turkey is avoided”.
Reportedly infuriated by lines including “Don't be a tough guy. Don't be a fool!” Turkish strongman said to have chucked it in the trash before launching his military offensive the same day.
The Turkish president is in his element, laying on the strongman routine for world headlines. He’s taking calls from patrons Trump and Putin, but he may not like what he’s hearing.
From out of nowhere oil revenues laundering case is back to haunt Turkey’s strongman. Officials act to stop shorting of lira and banking shares.
Lira market raises Erdogan’s middle finger to the world with some currency strengthening.
Move may unsettle Turkish president Erdogan who has taken a personal interest in securing the investment, even ordering officials to switch to Passat cars.
It was 30 years ago that the Berlin Wall came down, ushering in hopes of a united, peaceful and prosperous world. Today the world is unpredictable and moving towards a new division between East and West. How did we get here?
It’s not clear at all that Donald Trump is serious about bringing forward sanctions with teeth. Turkish markets are gradually taking a hit, but there is some way to go before the government might lose its grip on the situation.