Erdogan says Turkey will defy economic threats

Erdogan says Turkey will defy economic threats

Despite its economic woes, Turkey did this week find support from friendly Qatar, which promised to make a $15 billion direct investment in the country. But Turkey's diplomatic crisis continues.

Turkish President Recep Tayyip Erdogan on Saturday blasted what he called an "attempted economic coup" amid heightened tensions with the U.S.

Strategic alliance or Muslim solidarity?

Turkey has repeatedly said the presence of terror forces near its border constitutes a threat and has launched military operations and other efforts to rid the region of terrorists.

The lira has weakened 35 per cent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fuelled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

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"Qatar has gravitated toward Turkey because of the Muslim Brotherhood link and the Iranian connection so now it finds itself in an unenviable situation".

Qatar defied US President Donald Trump on Wednesday and promised to plough $15 billion into Turkish financial markets and banks. "Turkey-Qatari relations are based on solid foundations of true friendship and solidarity".

Erdogan has remained defiant in the face of the crisis with Washington, saying Turkey could turn to new alternative markets. Ankara also sent a wide range of foodstuffs to Doha to mitigate the food shortage that resulted from the Saudi blockade. "This may be how Qatar is paying back the favor".

Last week, the United States doubled its tariffs on metal imports from Turkey. "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" he Tweeted.

But Sanders's remarks were made in response to President Erdogan's latest retaliatory move in what has quickly become a show of force and strongman resolve between Trump and his Turkish counterpart.

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On Wednesday, in retaliation, Turkey increased tariffs on several US-origin products, including alcohol, tobacco products and cars.

President Erdogan has urged Turks to shore up the currency by not trading in dollars and euros.

"We will no longer buy from the outside. The US wishes to tell the Turkish society that its leader has to be removed".

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.

Turkish officials visited Washington last week with the idea of seeking leniency for a U.S. investigation into a Turkish bank, which a source told the Eye fell through, but opened a dialogue.

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