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Does the Deepening Crisis in Turkey Manifest an End to the Erdogan Era?

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Turkish President Recep Tayyip Erdogan is experiencing his worst moments as head of state today. Social and political tensions in the country are becoming increasingly evident. The economy is collapsing, the value of the national currency is relentlessly falling, and the number of poor people is skyrocketing.

According to recently published data, the nation’s citizens are trapped in a rapidly worsening debt crisis, with millions facing lawsuits over outstanding debt. Since January 2021, the total debt of Turkish citizens amounted to 979.1 billion Turkish Liras. That’s about $72 billion, with about two billion dollars of that debt in arrears, and the number of citizens unable to pay their consumer credit debts has reached 788,800.

Inflation in Turkey was 21.3% in November compared with 19.9% in October, reaching a three-year high, Bloomberg reported. Since the beginning of the year, the Turkish national currency has fallen from 7.43 to 13.4 to the US dollar, depreciating by half. According to Turkish experts, one of the reasons for its rapid collapse is Erdogan, interfering in the banking policy, who is confident that lowering the key rate will fight inflation. As a result, the situation is only getting worse. The president of the country lays blame on the leadership of the Ministry of Finance, the Central Bank, and on foreign agents. Recep Tayyip Erdogan blames everyone but himself, constantly talking about a foreign plot to eradicate the Turkish people, allegedly organized by opposition parties, the CIA, world Zionists, Western liberals, billionaire George Soros, and other forces hostile to Turks. Reuters quoted S&P as saying that Turkey risks damaging confidence in the lira further by using “borrowed” reserves to defend its exchange rate and recent developments put its current sovereign debt credit rating at risk.

Against this........

© New Eastern Outlook

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