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German outrage after football stars pose with Turkish President Erdogan

15 May 2018

Prime Minister Benjamin Netanyahu slammed the Turkish President Recep Tayyip Erdogan on Tuesday for accusing Israel of "state terror" and "genocide" after troops killed dozens of Gazans in border clashes. They will come after the presidential election in July, which will end Turkey's transition to a presidential republic and is set to consolidate Erdogan's political power.

"The problem is Erdogan's interference and lack of confidence that the central bank has any independence to pursue policies of its own accord", said John Hardy, the head of foreign-exchange strategy at Saxo Bank A/S in Hellerup, Denmark.

The Secretariat of the Turkish Defense Industry said in its statement that Ankara will acquire two batteries of the Russian S-400 systems, which will be serviced by Turkish personnel. Turks narrowly backed a switch to an executive presidency in a referendum previous year. That change is due to go into effect after June polls.

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The concern is that he will stand in the way of the rate hikes needed to stabilize the currency against the prospect of higher USA borrowing costs. "As it was before, Jerusalem will continue to be independent Palestine's capital", he said. Yields on 10-year government bonds have surged to the highest level in eight years.

However, Erdogan's economic adviser Ertem said the reduction of rates was a general target, rather than a specific aim of the bank's next rate-setting meeting on June 7 - comments likely created to take some pain off the lira.

The Turkish president added that a "big rally" would be held in Istanbul on Friday over the violence in Gaza.

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In an interview with Bloomberg TV on Monday, Erdogan said: "When the people fall into difficulties because of monetary policies, who are they going to hold accountable?"

PM's spokesman said: 'Our close relationship with Turkey allows us to have frank discussions and you can expect that the Prime Minister will raise human rights during talks tomorrow.

"This may make some uncomfortable".

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He also said Halkbank (HALKB.IS) executive Mehmet Hakan Atilla, who was found guilty by a USA court of helping Iran evade US sanctions, was innocent and Turkey wanted his acquittal.

German outrage after football stars pose with Turkish President Erdogan