If you were following along on Saturday, you heard all you probably cared to hear about today’s all-important referendum in Turkey (full story here).
In short, while Erdogan will in all likelihood get his way even if it takes a redo or three, the outcome will dictate (no pun intended) how the lira trades this week and could very well have a substantial impact on EM in general, depending on exactly what transpires over the next 24 or so hours. Don’t believe me, ask Tracy:
Will it be an eggcellent result for Erdogan? Will the lira crack? Is tail risk priced into the market? Easter meets Turkish referendum.
— Tracy Alloway (@tracyalloway) April 16, 2017
So to start Sunday, I thought the following picture was particularly amusing, especially in light of the accompanying Erdogan quotables.
Via The Guardian
Recep Tayyip Erdoğan has cast his ballot in Istanbul as tens of millons of Turks go to the polls in a controversial referendum the Turkish president said could transform the country.
Bodyguards with automatic weapons stood guard outside the polling station as Erdoğan and his wife Emine cast their ballots accompanied by two of their grandchildren.
After voting, he said: “We have held referendums before, but this referendum is now about a new administrative system for the republic of Turkey. It’s a choice for change and transformation.
“We need to make a decision that is beyond the ordinary,” Erdoğan said, adding that he hoped the nation would make the “expected” decision. “I believe in my nation’s democratic common sense.”