The German newspaper Handelsblatt comments on Turkish President Tayyip Erdogan’s package of measures in support of the Turkish pound, entitled “Dangerous Experiment”. The caption reads “Erdogan wants to tame the markets, but the price is high.”
The financial newspaper notes: “The president deals with international investors, but also his voters. A battle he will lose on both fronts. With the announcements, the changes in the leadership of the central bank and the reduction of interest rates, it caused a devaluation of the pound by an additional 30% since the beginning of December. With the new measure he returned the exchange rate of the pound overnight where it was at the beginning of the month. Some indicative measures: Those who receive the basic salary, but also civil servants can count on a tax-free amount, investors will pay less tax on dividends. Nobody, neither the Turkish workers, nor the international investors, nor the analysts understand the logic of the Turkish president. All that investors and analysts see is chaos.
At the same time, the opposition is choosing the easy way out and only promises to end the chaos and return to a sensible policy. Only this promise seems to convince the citizens. The Turkish president’s appeal to the Turks to trust him does not convince most. They may remember that it was Tayyip Erdogan who brought prosperity to the poor, ensuring widespread electoral victories. Elections will be held in a year and a half at the latest, which Erdogan wants to win. “But his star has already begun to set.”
DW / Stefanos Georgakopoulos
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