Gezi Park 1-Year On Shows Market Backs Status Quo: Turkey Credit
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One year after protests erupted in Istanbul’s Gezi Park, challenging Turkish Prime Minister Recep Tayyip Erdogan’s authority, the bond market is signaling support for the status quo as his party consolidates power.
While two-year note yields remain almost 4 percentage points above last May’s record low 4.79 percent, they’ve tumbled from a five-year high on March 24 in the biggest drop among 19 emerging markets tracked by Bloomberg. About 25,000 police and water cannon riot trucks will be on hand to mark the anniversary tomorrow to deter a repeat of the clashes that led to nine deaths in Turkey and helped send the lira and bonds sliding.