Turkey’s $200 Billion Wealth Fund Paralyzed by Internal Strife
- Erdogan’s old ally emerges as another pillar of Turkish power
- Prime minister calls claims of one-man rule a ‘complete lie’
Recep Tayyip Erdogan and Binali Yildirim.
Photographer: Mehmet Ali Ozcan/Anadolu Agency via Getty ImagesThis article is for subscribers only.
Days after last year’s failed coup, Turkish President Recep Tayyip Erdogan and his allies set to work creating a wealth fund to safeguard what is now about $200 billion of assets, including cash, property and shares.
Since then, officials have been trumpeting the formation of such a large pool of capital outside the budget as a kind of cure-all, piquing investor interest with pledges to use it for everything from defending the lira and buoying the stock market to recapitalizing banks and cutting borrowing costs.