‘Persona Non Grata’: Erdogan Recycles Playbook

Last week, following a second consecutive rate cut from Turkey's hopelessly beholden central bank, I suggested another mini-crisis was imminent and noted that these episodic imbroglios "play out the same way almost every, single time." Recep Tayyip Erdogan, determined to defy economic orthodoxy (which, you'll note, actually does apply in emerging markets), pushes the currency to the brink of a catastrophic spiral, then makes minor concessions on multiple fronts to stanch the bleeding. Usually,

Get the best daily market and macroeconomic commentary anywhere for less than $7 per month.

Subscribe today

Already have an account? log in

Speak your mind

This site uses Akismet to reduce spam. Learn how your comment data is processed.

One thought on “‘Persona Non Grata’: Erdogan Recycles Playbook

  1. I have been involved with Turkey for 50 plus years. I stopped reading EM financial writers on the topic decades ago, because they don’t understand the game. H-man, you do.

NEWSROOM crewneck & prints