Turkish Markets Tumble as PM Erdogan digs in

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erdogan defMarkets were rattled in Turkey on Thursday after Prime Minister Recep Tayyip Erdogan refused to back down over the redevelopment of an Istanbul park in the face of protests against the controversial building plan that have raged for almost a week.

The country’s main stock index, the BIST 100, fell more than 7 per cent before recovering to close 4.7 per cent down, while the lira weakened against both the dollar and the euro. The dollar climbed 0.1 per cent to Tl1.8925 while the euro gained 0.5 per cent to Tl2.4862.
The market fall in the wake of Mr Erdogan’s remarks took Turkey’s stock exchange to 20 per cent below its recent high, meeting the definition of a bear market.
Speaking to reporters in Tunisia towards the end of a tour of north Africa, Mr Erdogan said the government would press ahead with plans to build a reconstruction of an Ottoman barracks in Gezi Park in Istanbul. “Our party has implemented great projects,” he said. “These protests are seeking to prevent similar projects from being carried out.”

The prime minister added: “You can’t demand rights through illegal methods. If you say: ‘I can protest where I want, I can burn things, I can damage things,’ we will not allow that.”

He also linked the protests to a suicide bombing attack on the US embassy in Ankara in January, which claimed the life of a security guard: “As you know people have attacked the US embassy – these are the same people who damaged Taksim.”

Asked about an apology over the use of excessive force against protesters, including tear gas, made by his deputy Bulent Arinc earlier this week, Mr Erdogan said the government had already sufficiently explained its position and expressed its sadness over events. He added that there was no country – including in Europe – that did not use tear gas.

Mr Erdogan is due to return to Turkey late on Thursday night. The continuing protests, which Mr Erdogan has called “undemocratic”, have focused on his allegedly heavy-handed rule and represent one of the biggest challenges of his time in office.

While some commentators had suggested that the ruling Justice and Development party would seek to turn the prime minister’s return into a show of popular support, Huseyin Celik, a leading party official, urged supporters not to greet Mr Erdogan at the airport – an apparent attempt to prevent tensions from building further.

Overnight, Istanbul was calm with a large but peaceful rally in Taksin Square, although clashes were reported in the capital, Ankara, and Mr Erdogan’s home town of Rize.

Many protesters have been highlighting the detention of people in the city of Izmir for posting messages on Twitter and other social media. According to reports in the Turkish media, almost all of those detained over social media posts were released on Thursday.

On Thursday academics in Istanbul were preparing to march in support of the protests and a concert has also been planned.

On Wednesday the Turkish writer and Nobel prizewinner Orhan Pamuk voiced his support for the demonstrators as he accused the Erdogan government of being “oppressive and authoritarian”.

Financial Times

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16 responses to “Turkish Markets Tumble as PM Erdogan digs in”

  1. 5thDrawer Avatar
    5thDrawer

    OK. NOW he’s being an idiot.
    “He added that there was no country – including in Europe – that did not use tear gas.”
    This is true … everyone has a stockpile … but, the difference is the level of aggravation which demands the use of it … and even then there are regulations on how.

    1. Reasonableman Avatar
      Reasonableman

      I was shocked when he described the rioters as looters, that branding coming from a PM is definetly going to cause more chaos then solve anything even if they were looters let the courts do the judging. Now comparing countries he really is desperate to put ends. Thats just my 2cents

      1. 5thDrawer Avatar
        5thDrawer

        Apparently now, every ‘self-interest’ group has joined the carnival in the wonderful ‘park’.
        We should hope the trees can survive the humanity … the grass probably isn’t. :-))
        Looks like ‘Woodstock’ … in many ways. 😉

    2. Hannibal Avatar
      Hannibal

      erd wu khan 😉

      1. Constantin7 Avatar
        Constantin7

        loll good one !

  2. 5thDrawer Avatar
    5thDrawer

    OK. NOW he’s being an idiot.
    “He added that there was no country – including in Europe – that did not use tear gas.”
    This is true … everyone has a stockpile … but, the difference is the level of aggravation which demands the use of it … and even then there are regulations on how.

    1. Reasonableman Avatar
      Reasonableman

      I was shocked when he described the rioters as looters, that branding coming from a PM is definetly going to cause more chaos then solve anything even if they were looters let the courts do the judging. Now comparing countries he really is desperate to put ends. Thats just my 2cents

      1. 5thDrawer Avatar
        5thDrawer

        Apparently now, every ‘self-interest’ group has joined the carnival in the wonderful ‘park’.
        We should hope the trees can survive the humanity … the grass probably isn’t. :-))
        Looks like ‘Woodstock’ … in many ways. 😉

    2. Hannibal Avatar
      Hannibal

      erd wu khan 😉

      1. Constantin7 Avatar
        Constantin7

        loll good one !

  3. Constantin7 Avatar
    Constantin7

    Erdogan forgot that he was elected to SERVE the public. He probably thinks (like most middle-eastern rulers) that he was elected as a Sultan over the people and issue orders to be executed. With all what has happened in Syria, Erdogan did not learn. Apparently, his ego is much more important than the people (a bit like Assad). Stubborn undemocratic man !

  4. Constantin7 Avatar
    Constantin7

    Erdogan forgot that he was elected to SERVE the public. He probably thinks (like most middle-eastern rulers) that he was elected as a Sultan over the people and issue orders to be executed. With all what has happened in Syria, Erdogan did not learn. Apparently, his ego is much more important than the people (a bit like Assad). Stubborn undemocratic man !

  5. MekensehParty Avatar
    MekensehParty

    he better bite his tongue or he will bite the dust

  6. MekensehParty Avatar
    MekensehParty

    he better bite his tongue or he will bite the dust

  7. dateam Avatar

    The fact that he didnt cut short his trip and come back home shows his arrogance…david cameron cut short his trip to france when that soldier was hacked to death and came straight home.

  8. dateam Avatar

    The fact that he didnt cut short his trip and come back home shows his arrogance…david cameron cut short his trip to france when that soldier was hacked to death and came straight home.

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