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this post was submitted on 10 Jun 2024
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For those not keeping up: this is the fallout from Erdogan ignoring economics and keeping interest rates low for years; only in the past year or so having conceding to reality and finally letting rates rise. They'll likely continue suffering fallout from his prior stance on interest rates for the remainder of the decade.
From last summer:
https://www.cnn.com/2023/06/22/economy/turkey-hikes-interest-rates/index.html
and
https://www.cnbc.com/2023/06/14/turkeys-erdogan-agrees-to-monetary-policy-turnaround-under-simsek.html
Aye, he's an utter twat, is what he is.
Said his economic policies were from his god or some nonsense too, going against all of his policy advisors (who he came down hard on).
A nutjob deeply damaging the country he's in charge of, economically, and in so many other dangerous fascist ways too :-(