Seeking Alpha

Turkish PM replaces ten ministers as corruption crisis deepens

  • Turkish Prime Minister Recep Tayyip Erdogan has replaced ten ministers, half of the total number, following the resignation of three ministers yesterday amid a probe into bribery, fraud and gold smuggling.
  • The new cabinet members include the economy minister after the previous incumbent quit along with the environment minister, who called on Erdogan to resign as well.
  • To add to the PM's worries, anti-corruption protests took place in Istanbul, Ankara and Izmir, with the one in Istanbul turning violent.
  • The scandal has badly hit Turkish stocks (TUR) and the ISE 100 index is -0.4% after plummeting 4.2% yesterday. The USD-TRY is +0.6% at 2.0899 lira.
Comments (4)
  • from a purely market point of view and not engaging in partisan useless banter as the above comment?

     

    well time to buy soon. buy when there is blood in the streets. a few turkish companies listed on the NYSE are low compared to their peers.
    26 Dec 2013, 08:29 AM Reply Like
  • I am long TUR. I did not like to hear this news coming from Turkey but I bought more on the pull back. I believe the Turkish economy has potential and is cheap. I want more of my portfolio investment outside the USA until the root cause of the economic issues here are addressed. The Turkish response to government corruption is what we should be do here. I will not elaborate and go into a rant about crony capitalism and US government. This forum is not the place but we all know it is present and it is part of our decision making process to allocate our capital.
    28 Dec 2013, 07:26 PM Reply Like
  • Good job gmmpa! TUR is up 8% today.
    30 Dec 2013, 09:54 AM Reply Like
  • Well, I will go long AFTER the turmoil, so keep on, Erdogan! ;)
    29 Dec 2013, 05:51 AM Reply Like
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