TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
TFIGlobal
TFIGlobal
No Result
View All Result

Turkey’s Finance Minister dumps Erdogan as Turkey stands at the brink of a total collapse

Akshay Narang by Akshay Narang
November 10, 2020
in Europe
Reading Time: 3 mins read
0
Turkey
1.1k
VIEWS
Share on FacebookShare on Twitter
Become a Patron!

Turkey’s economy is at the brink of a complete breakdown, but it seems that all that Turkish President Recep Tayyip Erdoğan can manage is purges and scapegoating amidst an acute economic crisis.

Over the past few days, Ankara has witnessed two surprise exits in the top echelons of its economic policymaking circles. First, Erdoğan fired Murat Uysal, Governor of Turkey’s central bank, and then Turkey’s Finance Minister and Erdoğan’s son-in-law, Berat Albayrak decided to dump the Turkish President and resign from the key post.

Also Read

USA calls an urgent meeting with Russia as Biden gets cornered by EU

UK’s surprise Turkey move sends EU into a state of a long-drawn internal conflict

The two sudden exits come at a time when Ankara is battling a severe economic crisis. Turkish Lira has turned out to be the worst-performing currency this year and has slid as much as 30 per cent against the US Dollar this year. And then Turkey’s economy is also getting ravaged by spiralling inflation, and shrinking investment and growth.

Erdoğan himself is responsible for the disastrous performance of the Turkish economy. His many wars in sensitive zones like Syria, Libya and Nagorno-Karabakh, and his ego battles with Western leaders like France’s President Emmanuel Macron, are causing the decline of the Turkish economy.

However, Erdoğan is a wannabe strongman and a clear narcissist. Therefore, he doesn’t want to take the responsibility for destroying the Turkish economy. So, he had to kick people out or abet their resignations in order to inculpate them for Turkey’s economic collapse.

Take, for instance, Murat Uysal, who is being clearly punished for Turkey’s erratic monetary policy. But then it was Erdoğan who was not allowing a hike in interest rates. It was the Turkish President who made the absurd argument that higher interest rates push inflation. Erdoğan’s insistence on keeping interest rates low clearly led to easier borrowing and still higher inflation.

But by firing the central bank’s Governor, the Turkish President is trying to suggest that it is Uysal who was responsible for Turkey’s erratic monetary policy.

Similarly, Berat Albayrak’s sudden resignation and its acceptance by Erdoğan come as quite a surprise. Till now, it was being expected that Erdoğan would groom his son-in-law as a political heir. Wolfango Piccoli of consultancy Teneo said, “Erdoğan spent a huge amount of political capital in advancing Berat’s path within the party.” Piccoli added, “He granted him unparalleled power and influence, and that came at a cost of alienating key figures in the AK Party.”

But then it seems that Berat has been somehow compelled to resign by Erdoğan himself. The fact remains that on Saturday, Erdoğan sacked the central bank Governor and replaced him with former Finance Minister Naci Agbal, a critic of Albayrak’s economic policies.

Reuters even quoted an economic official as saying, “The person that was appointed was not someone Albayrak could work with, not someone who had similar economic views.” Agbal’s appointment clearly ran counter to Albayrak’s wishes. Erdoğan’s son-in-law did not directly allude to a conflict within the Turkish political dispensation but he did state that a “difficult time like this, where good and bad are mixed, where it is difficult to differentiate between truth and lies”.

On his part, Albayrak said that he was resigning because of health reasons, but it seems that Turkey’s economic crisis is causing a major rift in Turkey’s most powerful dynasty. In fact, Turkey’s economic collapse is causing a full-blown fallout in Turkey’s economic policymaking. Erdoğan is either sacking people or forcing them to resign in order to scapegoat others for his own blunders.

Albayrak and Uysal were the leading faces of Turkey’s economic policymaking. Now, both of them seem to have fallen apart with the Turkish President in a rather awkward and embarrassing manner. Turkey’s economy is falling apart and so is the Erdoğan administration.

Also Read: FTK Meaning with Explanation and Definition

Tags: Recep Tayyip ErdoğanShort takesturkeyTurkish Economy
ShareTweetSend
Previous Post

With Biden in, China expects ‘a lot of money’ from the United States

Next Post

Russia and Armenia sign a ‘painful’ peace deal instead of beating Turkey and the US election is to blame

Also Read

Victor Orban and Donald Trump are creating a ‘global right’ movement to bring peace

Victor Orban and Donald Trump are creating a ‘global right’ movement to bring peace

May 23, 2022
USA calls an urgent meeting with Russia as Biden gets cornered by EU

USA calls an urgent meeting with Russia as Biden gets cornered by EU

May 23, 2022
US diplomat reveals Biden was exploiting Ukraine’s miseries from day one

US diplomat reveals Biden was exploiting Ukraine’s miseries from day one

May 23, 2022
The most corrupt nation in Europe is earning millions every day due to the Ukraine war

The most corrupt nation in Europe is earning millions every day due to the Ukraine war

May 23, 2022
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Qatar scraps its LNG deal with Germany at the last minute citing new conditions

Qatar scraps its LNG deal with Germany at the last minute citing new conditions

May 11, 2022
China makes the last-ditch effort to prevent its faulty weapons from getting exposed in Ukraine

China makes the last-ditch effort to prevent its faulty weapons from getting exposed in Ukraine

May 10, 2022
Europe to activate Nord Stream 2 gas pipeline very soon   

Europe to activate Nord Stream 2 gas pipeline very soon  

May 14, 2022
China could stage a hostile takeover of Japanese semiconductor firms to heal its wounds

China could stage a hostile takeover of Japanese semiconductor firms to heal its wounds

May 7, 2022
The dollar is officially DEAD now

The dollar is officially DEAD now

May 22, 2022
We predicted one month ago that Biden will say sorry to MBS. It’s happening in 10 days

We predicted one month ago that Biden will say sorry to MBS. It’s happening in 10 days

Europe to activate Nord Stream 2 gas pipeline very soon   

Europe to activate Nord Stream 2 gas pipeline very soon  

The dollar is officially DEAD now

The dollar is officially DEAD now

Biden can solve the baby formula crisis with a click of his finger, but he is exacerbating it

Biden can solve the baby formula crisis with a click of his finger, but he is exacerbating it

putin, coup, russia, ukraine

Putin’s rivals are planning a coup against him, but he already has his ‘Plan B’ ready

Victor Orban and Donald Trump are creating a ‘global right’ movement to bring peace

Victor Orban and Donald Trump are creating a ‘global right’ movement to bring peace

May 23, 2022
Elon Musk’s visit to Brazil creates a political tsunami for Lula and his supporters

Elon Musk’s visit to Brazil creates a political tsunami for Lula and his supporters

May 23, 2022
USA calls an urgent meeting with Russia as Biden gets cornered by EU

USA calls an urgent meeting with Russia as Biden gets cornered by EU

May 23, 2022
US diplomat reveals Biden was exploiting Ukraine’s miseries from day one

US diplomat reveals Biden was exploiting Ukraine’s miseries from day one

May 23, 2022
The most corrupt nation in Europe is earning millions every day due to the Ukraine war

The most corrupt nation in Europe is earning millions every day due to the Ukraine war

May 23, 2022
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2022 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa

©2022 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.