Erdogan's New Dynasty Makes Turkey Uninvestable
The president has given investors every reason to turn away.
The next generation.
Source: Stringer/BloombergTurkish President Recep Tayyip Erdogan unfortunately is a man of his word. He promised to take greater control of monetary policy during the election campaign, and he has wasted no time in doing so. He has snipped the last threads in Turkey’s safety net — and he has made his nation all but uninvestable.
Deputy Prime Minister Mehmet Simsek and Finance Minister Naci Agbal have both departed. They were the kinds of officials global investors like to see — committed to sound financial management and standard economic principles. They did a lot to soothe investors’ nervousness as Erdogan tightened his grip on the country. There seems to be no one left to fulfill that role.