Qatar Gives Turkey Financial Lifeline; No End in Sight for Diplomatic Crisis

18 August, 2018, 18:23 | Author: Salvatore Jensen
  • A man shops in a market in Istanbul Monday Aug. 13 2018. Turkey's central bank announced a series of measures on Monday to free up cash for banks

"You haven't acted, so we will", is how Brownback described President Donald Trump's "decisive, aggressive action" against Turkey for holding a USA citizen illegally on unproven terrorism charges.

Despite the strengthening of the Turkish lira recently, on the heels of the government and central bank measures, experts still consider that this rebound is temporary and the currency will drop to seven or eight lira against one USA dollar.

Turkey and the United States exchanged new threats of sanctions Friday, keeping alive a diplomatic and financial crisis that is threatening the economic stability of the North Atlantic Treaty Organisation country as a Turkish court rejected the appeal of an American pastor caught in the middle of the row.

"They are now holding our wonderful Christian pastor, who I must now ask to represent our Country as a great patriot hostage".

Further sanctions or tariffs could exacerbate the already fragile economic situation in Turkey, and broader emerging markets. "We will produce, consume to our heart's content, and then export to the world". He has been held in Turkey for two years and accused by local prosecutors of "terrorist" ties to the Islamist Gulen movement, which has been blamed for a failed coup in July 2016.

"American sanctions will have no effect on us as long as we remain united", said another man, Ibrahim Aktar.

Despite the release of the Greek soldiers and the Amnesty International chair, a court ruled on Wednesday to extend U.S. pastor Andrew Brunson's from house arrest.

"We got somebody out for him", Trump said, referring to Turkish President Recep Tayyip Erdogan.

"So, we haven't seen the last of that".

That move was followed by an announcement by Trump last week that the United States was doubling tariffs on imported Turkish metals. It is believed many Qatari investors could be at risk from a Turkish economic crisis.

While Erdogan has said Turkey would respond to the sanctions by boycotting US goods, Aljazerra reported Foreign Minister Mevlut Cavusoglu is sending a more positive message but cautioned about the Trump administration on its tone in future negotiations.

Obviously this raises the stakes of the United States imposing more sanctions.

While Turkey's economy is fairly unimportant globally, the country itself holds an important strategic position as a buffer zone between the West and the Middle East, and as such has outsized influence in foreign policy circles.

Ankara, which in 2015 set up a military base in Qatar, sent in troops amid the "Gulf Crisis" in June 2017.

For years Turkish firms have borrowed in dollars and lira to take advantage of lower interest rates.

"Turkey has alternatives", he said.



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