Erdogan’s Lira Experiment Tests His Grip on Turkey
- Lira’s slide to record lows against U.S. dollar spurs protests
- Analysts warn that massive price increases are now inevitable
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The unraveling of the Turkish lira threatens to erode Recep Tayyip Erdogan’s grasp on the economy and is already emboldening his political opponents.
Small protests erupted in Istanbul and Ankara overnight, calling for an end to economic mismanagement that’s unleashed rapid inflation and triggered the currency’s longest losing streak in two decades. Police erected barriers in parts of the commercial capital as protesters vented their fury against the ruling AK Party.