Turkey’s central bank appears increasingly fragile, with more than 60% of its reserves secured through swap deals.
Turkey's economy is a mess, but its president won't seek an IMF loan because the conditions would mean giving up his extensive patronage network.
Turkey’s government might be forced to nationalize some megaproject investments, chief among them the new airport in Istanbul, which have hit dire straits under the combined impact of the COVID-19 pandemic and Turkey’s existing economic woes.
Turkey has warned of grave consequences if Libyan warlord Khalifa Hifter acts on threats to attack Turkish assets in Libya, signaling a further potential escalation in the Libyan conflict. Turkish Foreign Ministry spokesperson Hami Aksoy said in a statement today that Turkey would see “the putschist elements as legitimate targets” if its interests came under attack.
The warning followed threats from Hifter’s air force chief Saqr al-Jaroushi, who said, “All Turkish positions and interests in all cities are legitimate targets for our air force jets and we call on all civilians to stay away from them.”
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Qatar has offered support to Turkey’s central bank, expanding a currency-swap agreement to $15 billion as Ankara seeks to mitigate economic shocks from the coronavirus pandemic.