Erdogan says lira crash 'political plot' against Turkey

Erdogan says lira crash 'political plot' against Turkey

Turkey is marking two years since the defeat of the coup aimed at ousting President Recep Tayyip Erdogan, seeking to showcase national unity and his grip on power in an increasingly polarised society. "We've stood with neighbors before, and will again now", he warned.

We look the issue straining relations between the U.S. and Turkey.

Relations between the two North Atlantic Treaty Organisation allies have taken a turn for the worse amid dispute over the detention in Turkey of U.S. evangelical pastor Andrew Brunson on terrorism charges.

Contagion threats from Turkey's banking sector are pushing traders back into the US Dollar with the Turkish lira collapsing 42% in 2018 and showing no signs of slowing down, while the recent realization that European banks are further exposed to a possible Turkish implosion has seen the Euro take a header, falling over 2.8% in August alone.

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan's spokesman Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods had been dismissed by the Trump administration, warning that "the US runs the risk of losing Turkey" as an ally.

The Turkish lira has been targeted by U.S. President Donald Trump himself, and Turkey has prepared an action plan to soothe its volatility against the dollar, Treasury and Finance Minister Berat Albayrak said late Sunday.

The Turkish lira hit an all-time low of 6.49 on Friday after a meeting the day before between a Turkish delegation and US officials in Washington yielded no apparent solution to a diplomatic rift over the detention in Turkey of a USA pastor.

The comments come amid a spat between the USA and Turkey over Ankara's jailing of an American pastor on spying charges.

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"We will say bye bye to those, who sacrifice their strategic partnership and alliance with a country of 81 million people on the altar of their relations with terror organizations", he said.

"We will give our answer, by shifting to new markets, new partnerships and new alliances", said Erdogan, who in recent years has built closer ties with countries in Latin America, Africa and Asia.

Trump has described the pastor's detention as a "total disgrace" and urged Erdogan to free him "immediately".

Earlier this month, a Turkish delegation went to Washington and met with American counterparts, but there was no breakthrough.

Erdogan, who has called himself the "enemy of interest rates", wants cheap credit from banks to fuel growth.

"Interest rates should be kept to a minimum", he added.

The single currency had already suffered deep losses overnight, its decline accelerating after the European Central Bank said that risks to global growth are increasing as the risk of protectionism and the threat of higher US tariffs sap confidence.

In June, the United States imposed tariffs of 10 percent on aluminum imports and 25 percent on steel against many key global partners, complaining of unfair trade practices. It is wrong to try to punish Turkey for a priest who is here.

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