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Economics

Former Economy Czar Rebels But Erdogan Keeps Firm Grip on Party

  • Ex-Deputy Premier in Charge of Treasury Ali Babacan quits AKP
  • Babacan’s departure shows growing rebellion against Erdogan
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Turkish Lira, Assets Slump on Concerns of Central Bank Credibility
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Turkey’s former economy czar Ali Babacan is launching his own political movement in a split with President Recep Tayyip Erdogan that could fire up rebels in the ruling party who are facing an uphill battle against the country’s most powerful leader in decades.

The former heavyweight’s resignation from the AK Party was announced Monday, after Erdogan sacked the governor of the central bank, but no date was set for establishing the new party.