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Secretary of State Pompeo Meets with Turkey's Foreign Minister in Singapore

04 August 2018

Washington this week imposed sanctions on two Turkish ministers over the case of Andrew Brunson, a us pastor on trial in Turkey accused of backing terrorism.

NASA scientist Serkan Golge, a U.S.

Brunson is charged with supporting a group Ankara blames for orchestrating an attempted coup in 2016. He risks up to 35 years in prison if found guilty.

US President Donald Trump and his Vice President Mike Pence had threatened Turkey with "large sanctions" last week if Brunson was not immediately released.

Some analysts have argued Turkey is wary of allowing any further escalation in the crisis, which has already sent the lira to record lows in value against the dollar of above 5 for the first time.

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The cost of insuring Turkey's debt against default spiked to the highest in more than six years, while the BIST 100 share index tumbled more than 2.5 percent, with banking stocks among the decliners.

Turkey and the United States on Friday failed to resolve a diplomatic standoff over a detained pastor in talks between their top diplomats, with Ankara warning sanctions imposed by Washington would not work.

The Turkish foreign ministry warned that the move "will greatly damage constructive efforts" to solve outstanding issues and told Washington it would retaliate. "We call on the USA administration to walk back from this wrong decision", it said in a statement on Wednesday.

The president said almost 40 billion Turkish liras of public source will be managed under one account and Turkey will plan to get an additional annual income of 3 to 4 billion Turkish liras. "But without more visible steps to de-escalate, the medium- to longer-term path for the lira would be weakness again", said Inan Demir, senior emerging market economist at Nomura.

The White House blocked assets and properties belonging to Gul and Soylu after accusing them of playing leading roles in the arrest and detention of Andrew Brunson.

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Top diplomats from Turkey and the United States agreed on Friday to work towards a solution to the diplomatic spat that has erupted over the arrest of a U.S. pastor, which has already resulted in Washington slapping sanctions on Ankara.

His lawyer's appeal for his release was rejected this week. "President Trump is taking a very small case and jeopardizing Turkish-American relations and Turkish-American friendship". Mr. Erdogan's government also alleges the Mr. Brunson has ties to a Turkish preacher now living in exile in the USA whom Ankara accuses of fomenting the coup.

After Ankara launched an offensive in January supporting Syrian rebels against the Kurdish People's Protection Units (YPG) militia in its western enclave of Afrin in Syria, the U.S. called for restraint.

Turkey has been trying for two years to have Gulen extradited from the United States.

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Secretary of State Pompeo Meets with Turkey's Foreign Minister in Singapore