Will Turkey make new crisis from distract currency's historic low? - analysis

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Will Turkey make new crisis from distract currency's historic low? - analysis
Every time the ruling regime is embattled at home, it creates a fake crisis.
By SETH J. FRANTZMAN
Published: NOVEMBER 17, 2021

Turkey’s lira is at historic lows to the US dollar and other currencies – which is bad news for Turkey’s economy and for its middle class. While a slightly weaker currency can sometimes be good for exports, because cheaper export goods can be acquired abroad easier, having the currency decline too much is evidence of a bad economy and can lead to chaos and instability. Ankara and its right-wing religious-nationalist ruling party have been destabilizing the Middle East and Eastern Mediterranean for years, often threatening members of NATO, as well as challenging, at various times, Egypt, the UAE, Saudi Arabia, Cyprus, Armenia, Israel, India and many other countries.

Turkey has also launched an unprecedented series of open-ended military adventures, leading to ethnic cleansing in Syria’s Afrin, an attack on US-backed anti-ISIS fighters in 2019, the bombing of Yazidi minorities in Iraq’s Sinjar district, attacks on Kurds and even illegal renditions and kidnappings around the world directed at Turkish dissidents. In Ankara’s case, the decline of the currency didn’t lead to wars and instability; rather Turkey’s ruling party has appeared to thrive on crises at home and abroad, leading to concerns about how this may harm the country’s economy.

more.......... https://www.jpost.com/international...stract-currencys-historic-low-analysis-685247
 
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