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  Turkey's perfect storm
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ContributorIndyGeorgia 
Last EditedIndyGeorgia  Aug 11, 2018 12:20pm
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CategoryOpinion
AuthorAykan Erdemir
News DateSaturday, August 11, 2018 11:40:00 AM UTC0:0
DescriptionWASHINGTON — Turkey’s president Recep Tayyip Erdoğan came to power on the heels of the 2001 financial crisis that ended entire political careers. Following Friday’s meltdown in the Turkish economy, a day Turks are already hailing as “Black Friday,” many are left wondering whether Erdoğan will also fall from power.

The Turkish strongman, who has been engaged in a protracted diplomatic spat with the U.S. and various EU countries, now blames Turkey’s woes on an “economic war” waged by outside forces. But Turks are not buying it.

When it comes to Turkey’s economic woes, the government only has itself to blame.

Turkey’s economy has been overheating for some time. The global liquidity glut in the aftermath of the 2008 global financial crisis has allowed emerging markets such as Turkey to access cheap capital, leading to private sector overleveraging. Turkey’s non-financial companies have borrowed over $340 billion in foreign liabilities.
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