erdogan

Those most likely to suffer from Turkey’s unfolding financial and economic crisis are the working class as always, as investment dries up, and the country’s confected boom starts to bust. So one can permit oneself only a momentary satisfaction at that grinning bastard Recep Erdoğan being landed right in it, a mere months after engineering his own election as a virtual dictator.

The Turkish lira has fallen 45% against the dollar over the past few months, leaving Turkish borrowers with newly onerous dollar-denominated loans; inflation is threatening to break out, heading towards 30%, and the country’s much-vaunted neoliberal growth is being exposed as a bubble, based on heavy borrowing and overheated construction.