The crash in the Turkish lira sparked by U.S. sanctions has left President Recep Tayyip Erdogan facing the biggest economic challenge of his one-and-a-half decades in power.
AFP with Staff Writer
Turkey threatened to respond if Washington levied further sanctions over the detention of an American pastor.
Consumers have been buffeted by surging costs and economic uncertainty, with the Turkish currency sinking 20 percent in a month and 40 percent since the start of the year.
The collapse of the Turkish lira has caused trauma as Turks see their purchasing power slashed, but bargain-hunting foreign tourists are cashing in on a currency windfall.
President Recep Tayyip Erdogan accused the United States of seeking to stab Turkey "in the back" over a diplomatic row sparked by a pastor's detention.
The Turkish lira sank further against the U.S. dollar, standing 6.43 after U.S. President Donald J. Trump doubled tariffs on aluminum and steel from Turkey. As the lira crashes, President…
Turkish novelist Asli Erdogan believes that Turkey resembles Nazi Germany of 1930s as the country descends into a fascist regime under President Recep Tayyip Erdogan's iron grip.