9/3/17

[identity profile] abomvubuso.livejournal.com
The string of terror attacks and the gradual amping up of authoritarianism of the Erdogan regime may've been perceived as Turkey's main problems, but in truth, their woes are economic first and foremost. Do bear with me.

The Turkish economy has registered a 1.8% slump for the 3rd quarter of last year, and the forecasts are even grimmer for the last quarter. And all of this, after a decade-long growth. Question is, would Erdogan and his almost one-party state have survived politically in the conditions of an impending economic crisis? Very unlikely - if Turkey still had a democracy.

However, the ruling regime has done their best to crush any dissent in recent months, and find new enemies (internal and external) that they could focus people's discontent upon. In the meantime though, the two major rating agencies S&P and Moody's have remained unimpressed, and have downgraded the Turkish debt below the acceptable levels, now placing it at "Junk".

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September 2017

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