Economics
Erdogan’s Road Map Out of Market Meltdown Is Full of U-Turns
- Lira slump may force president to ditch some economic dogmas
- Analysts see need for rate rises, spending cuts, even IMF loan
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Almost every prescription for Turkey to rescue its financial markets from meltdown, and its economy from the recession that looks increasingly likely to follow, involves the country’s president backing down.
Which isn’t what Recep Tayyip Erdogan is famous for. But with the lira in free fall, there’s a growing sense that something has to give.