Turkey’s Erdoğan digs in as currency tumbles
https://www.politico.eu/article/turkey-erdogan-trump-fight-lira-digs-in-currency-crises/
If President Recep Tayyip Erdoğan is nervous, he isn’t showing it.
In theory, he has every reason to worry: Turkey has plunged into a currency crisis amid a worsening dispute with the United States, and Erdoğan’s popularity is closely tied to the country’s economic prosperity.
But Erdoğan appears confident that he — and his country — can weather the storm. He has not reached for conciliatory rhetoric but doubled down, rallying his base by casting the collapse of the lira as a foreign conspiracy.
Erdoğan has made prosperity and growth his central promise to voters; an economic crisis was long considered his Achilles heel. In June, his Justice and Development Party (AKP) lost its parliamentary majority amid a lira plunge and rising food prices.
Anti-Americanism is surging in Turkey, and the sanctions play into Erdoğan’s post-coup narrative of Turkey under attack from outside forces.
Erdoğan, however, has focused on stoking nationalist sentiment. He has painted the home-grown crisis as a U.S.-led “economic war” against Turkey, comparing it to the 2016 coup attempt.
A self-declared “enemy of interest rates,” he repeated his opposition to rate hikes on Sunday. His answer to the currency depreciation was to call on citizens to sell dollars and buy liras. Some Erdoğan supporters protested the currency decline by burning dollars and euros.
Erdoğan is remaining stubborn because he believes Trump’s sudden obsession with Brunson to be an election issue, Yeşilada argued.
Ankara sees U.S. Vice President Mike Pence behind the push to free the pastor, a move to shore up support of evangelical conservatives for America’s November midterms.