Germany and the Turkish crisis

The West shouldn’t revel in Erdogan’s misfortunes

Turkey is teetering on the brink, almost as if karma finally caught up to President Recep Tayyip Erdogan. Still, it is not the right for Europe to gloat about the power-hungry leader’s troubles, writes Handelsblatt’s Jens Münchrath

By Jens Münchrath
August 14, 2018

Even dictators are no match for the financial markets. And that’s good news if you can ignore the acute dangers posed by Turkey’s crisis. But these markets, which are so often criticized for their irrationality and amorality, might eventually force Recep Tayyip Erdogan to political and economic reason. His country’s great dependence on foreign capital is making the strong man from Ankara appear weak.

Erdogan-Trump Tiff Endangers Turkish Economy and NATO

By Tim Bartz
August 17, 2018

Berat Albayrak is one of Turkey’s most powerful men, but on the stage at the Dolmabahce Palace in Istanbul last Friday, he clearly felt uncomfortable. As Turkey’s finance minister, he had called in CEOs and bankers to present his plan for preventing a currency collapse and a further worsening of his country’s economy as it slides into the abyss. He had to say something, he needed to be encouraging and come up with a plan. But instead, he struggled helplessly to find the right words, clearly nervous.

German companies uneasy with Turkey’s seesawing lira

As currency fluctuations shake Turkey, German companies with operations in the country are wondering what, if anything, they could do

Fulya Çayir and Ulf Sommer

Last year German companies exported €21 billion worth of goods to Turkey. The chances they’ll see similar results this year are growing slimmer by the day after the country’s currency, the Turkish lira, took a fresh plunge Monday, falling 8 percent against the dollar, only to rebound 6 percent today.
The fluctuating currency and worries that the Turkish government is unable to stabilize what could become a financial crisis are of huge concern for some 6,500 German companies with operations in the country.