World News

Erdogan Tells Turks to Buy Crumbling Lira as Trump Turns the Screws

Erdogan Tells Turks to Buy Crumbling Lira as Trump Turns the Screws

Our relations with Turkey are not good at this time!'

'I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!' Trump said in an early morning post on Twitter.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the United States, saying 'if they have their dollar, we have the people, we have Allah'. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

"The issue that global investors now need to take into consideration is that the recipe for a currency crisis in Turkey is now presenting a risk of a contagion knock-on effect across other markets", Ahmad said.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said.

The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates.

Erdogan has downplayed the currency crisis, urging Turks to convert any stashed-away gold or foreign currency into lira, thereby waging a "war of independence" against America.

Erdogan said high foreign exchange rates were being used as a weapon against Turkey.

"We know very well that the issue is not the dollar, the euro or gold". "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".

More news: Newcastle Fans Stage Mass Protest Before Opening Premier League Game

Ankara had already taken measures to respond and would continue doing so, he added.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers our nation faces, our partnership could be in jeopardy", he wrote.

Turkey's President Recep Tayyip Erdogan on Saturday accused the U.S. of exchanging its "strategic North Atlantic Treaty Organisation ally with a pastor", remarks that questioned why Washington was seeking to free its citizens detained by Ankara, including Pastor Andrew Brunson who has become the eye of a diplomatic storm between the two nations.

Washington recently imposed sanctions on Ankara over detained Americans.

Qassemi's remarks followed those of Iranian Foreign Minister Javad Zarif, who had said "Trump's jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful".

The penalties also bar any United States transactions with the two men.

The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar.

Turkish officials held talks in Washington this week but there was no breakthrough.

A Financial Times report said the European Central Bank was anxious that Turkish citizens would start defaulting on their loans.


  • UToledo Chemists Discover How Blue Light Speeds Blindness

    UToledo Chemists Discover How Blue Light Speeds Blindness

    They also noticed that blue light alone or retinal without blue light had no effect on cell. The photoreceptors can not function without the presence of the retinal molecules.
    Mourinho prepared for 'difficult' season after transfer woes

    Mourinho prepared for 'difficult' season after transfer woes

    José Mourinho's Manchester United squeaked a 2-1 victory over Leicester City in the first match of the new Premier League season. Paul Pogba insists he can be a leader at Manchester United even after he hands back the captain's armband to Antonio Valencia.

    White House Says Omarosa’s Book Is ‘Riddled With Lies’

    Little did she know that she would become a likely candidate for that list after losing her position at The White House. Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.
  • Sunil Gavaskar unable to attend Imran Khan’s oath-taking ceremony

    Sunil Gavaskar unable to attend Imran Khan’s oath-taking ceremony

    Prime Minister Narendra Modi has expressed the hope that Pakistan will work for a South Asia free of terrorism. The India-Pakistan ties nose-dived in recent years with no bilateral talks taking place.
    Nike Hit With Gender Discrimination Lawsuit

    Nike Hit With Gender Discrimination Lawsuit

    The investigation has since led to the ousting of at least 11 executives and a reckoning among those remaining. Cahill claims in 2017 she was paid $20,000 less than a male counterpart on her team performing equal work.
    Pakistan's Khan calls for more 'trustworthy' ties with Washington

    Pakistan's Khan calls for more 'trustworthy' ties with Washington

    HC congratulated @ImranKhanPTI on his electoral success, discussed range of issues, prospects of India-Pak relationship. Imran Khan expressed concerns over the alarming human rights situation in Indian-occupied Kashmir.
  • Gal Gadot makes her Disney debut in 'Wreck-It Ralph 2'

    Gal Gadot makes her Disney debut in 'Wreck-It Ralph 2'

    We wanted someone that Vanellope would look up to, and Gal is definitely someone kids - and a lot of adults I know - aspire to emulate.
    Real Madrid end U.S.  tour with 2-1 win over Roma

    Real Madrid end U.S. tour with 2-1 win over Roma

    He, however, believes the five-time Ballon d'Or victor can take the Old Lady to the next level in their pursuit of European glory. Juventus' Brazil forward Douglas Costa is astonished by the training of club newcomer and Portugal captain Cristiano Ronaldo .
    Brooks Koepka takes 2-shot lead in PGA Championship at Bellerive

    Brooks Koepka takes 2-shot lead in PGA Championship at Bellerive

    After the slow start on Thursday saw him play the first two holes in 3 over par, he has played the remaining 52 holes in 11 under. At The Open after taking the lead on the back nine, he went double-bogey and bogey before playing the last six holes in 1 under.
  • Trump touts record with minorities after Omarosa criticism, ahead of Charlottesville anniversary

    Trump touts record with minorities after Omarosa criticism, ahead of Charlottesville anniversary

    Hundreds of students and protesters descended on Charlottesville's downtown mall and the University of Virginia on Saturday. Authorities said two people were arrested , one for trespassing and the other for disorderly conduct.
    Man City boss Guardiola raps media: More to Premier League than Liverpool!

    Man City boss Guardiola raps media: More to Premier League than Liverpool!

    It's about the mix, when you have a defensive or attacking moment, and I want every player to improve in this way. He adds: "I see Kevin de Bruyne smashing it in terms of the PFA player of the year".
    Heavy security as Charlottesville stores open

    Heavy security as Charlottesville stores open

    Kessler listed the NSM in court papers as among the groups he formally or informally invited to the Charlottesville event . The goal is to keep rally goers and counter protesters separate in order to avoid violent confrontations.