Times: Erdogan is surrounded by fool advisers

NEWS DESK

The newspaper added that as the Turkish lira crisis intensified and approach to total collapse, only Erdogan's brother-in-law, Birat al-Bayraq, spoke of the crisis to spread the accusations of a plot being hatched from abroad to overthrow the government.
The turbulent developments have accelerated in the Turkish lira crisis which analysts say could stifle the chances of Turkish President Recep Tayyip Erdogan likely to win the election, based on his absolute control over all state institutions.
The accusations and the fire of the Turkish President has affected the closest allies who tried very carefully to alert to economic risks and to indicate the actions that should be taken to avoid the decline of the Turkish economy to the brink of collapse.
 
Deputy Prime Minister Mohammad Shimshak was charged last month with treason just for talking about economic realities and said "the Turkish economy is not in good state," and he has been silenced since then.
 
"This reveals the extent of Erdogan's isolation and the fear of those around him to express any opinion that contradicts his views that deny all the established economic theories.
 
The central bank succumbed to huge pressure and raised interest rates by 3% to interest rate of 16.5%, one of the highest among emerging markets, but the move came late after the bank followed Erdogan's dictates for a long time which ran counter to all economic realities.

Analysts say the measure is too late and that the Turkish economy will now bear double burdens of the lira depreciation and higher interest rates that will undermine investors' ability to borrow and threaten many economic sectors, especially mortgages.
A.H

ANHA