Seeking Alpha

Turkey tumbles another 5% as corruption crisis continues

  • The Istanbul National 100 Index is off nearly another 5% as Prime Minster Erdogan's cabinet shuffle - in which he replaced half of his team with arch-loyalists -  has failed to halt the opposition. TUR -7.7% premarket.
  • The weakening lira looks to be giving the euro (FXE) a bid across the board; it's ahead 1.1% vs. the greenback to $1.3842 - the highest level in more than 2 years. European stocks overall are doing fine, the Stoxx 50 up 1%.
  • Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
Comments (19)
  • Good, but not enough!
    I may consider buying property in Turkey with my Euros if both the Turkish Lira and the local property prices crater.
    27 Dec 2013, 08:49 AM Reply Like
  • i will house sit for you while you are away in Davos :)
    27 Dec 2013, 08:53 AM Reply Like
  • You mean if I could get a deal for myself to house sit in Davos.
    27 Dec 2013, 09:07 AM Reply Like
  • Is the mirage of Turkey as a US ally about to come to an end?

     

    Remember, Americans, Turkey was the nation that refused land transit rights to the US in the 2003 struggle against Saddam Hussein of Iraq.
    27 Dec 2013, 09:36 AM Reply Like
  • That "struggle" lasted a few weeks; its aftermath is still ongoing though, Baghdad still ranking as the world's most dangerous city . Ask me sounds like Turks knew what they were doing.
    27 Dec 2013, 09:59 AM Reply Like
  • You call it "Struggle". Others call it "Invasion". Different perceptions by different parties.

     

    But everybody seems to agree on one thing now : There were no "Weapons of Mass Destruction".

     

    On this particular website which is reserved for investment ideas I wish you fruitful investments.
    27 Dec 2013, 10:05 AM Reply Like
  • Remember, nearly 80 of Americans themselves now think that invading Iraq based on false and fabricated intelligence was a grave mistake. Refusing to allow the USA to use its land to attack Iraq from north was one one of those right things that Turkey did. Anyway, Tayyip Erdogan was so eager to let the USA to use Turkey for the attack, but it was Turkey's generals and parliament that blocked it.
    27 Dec 2013, 10:13 AM Reply Like
  • Turkey as an investment for Americans might be be comparable to Iran under the Shah. That deal was good--while it lasted.
    27 Dec 2013, 10:41 AM Reply Like
  • Would you care to elaborate on the parallels that you draw between Iran and Turkey; the Shah and the Turkish regime; 1979 and 2013?
    27 Dec 2013, 11:07 AM Reply Like
  • Both situations involve a strong, almost cliched part line belief in the US.

     

    Before 1979 it was: Iran is a crucial ally, let us build up its military; we have to back the Shah.

     

    And from the 1950s to the present it has also been: Turkey is a crucial ally, let us build up its military; we must not discuss their misdeeds.

     

    Well, the people of Iran turned in the US in 1979. Let us see how the Turkey thing plays out.
    27 Dec 2013, 11:26 AM Reply Like
  • I find your argument disappointingly superficial, even empty.Sorry!

     

    One final question: Is Sakelaris a Greek name?
    27 Dec 2013, 11:30 AM Reply Like
  • It was a Greek name--and now it is an American name.

     

    I hope that will not provoke any tacky response. I hope for peace in the region, but the US must exercise caution and not be under illusions about Turkey and the dangers it poses.
    27 Dec 2013, 11:58 AM Reply Like
  • "I hope that will not provoke any tacky response".

     

    Why should it? Provacation is YOUR area of expertise (see the 2nd paragraph of your post at 09:36 am on the 27th).

     

    I've been to Turkey this year for holidays, with a 2-days stay in Greece by boat from/to Turkey. I've been impressed by Turkey: Dynamic and functioning. Greece,on the other hand, was a total mess in poverty and depression where the man on the street blamed everything on foreign states.

     

    This completes my conversation with you my Greek American pen pal.Good luck to you and to the family back in Greece.

     

    27 Dec 2013, 12:20 PM Reply Like
  • Good time to open a position on this price weakness, gaining exposure to one of the fastest growing countries in the world
    http://bit.ly/19n6741
    27 Dec 2013, 10:22 AM Reply Like
  • Any specific names or sectors?
    27 Dec 2013, 10:41 AM Reply Like
  • Great buying opportunity!
    27 Dec 2013, 11:57 AM Reply Like
  • I think Turkey needs to rollover a ton of debt next year. If something bad and protracted were to happen there ....

     

    They know how to cook lamb in Istanbul though. I'd go there again just for the food.
    27 Dec 2013, 12:16 PM Reply Like
  • I call it total nonsense. Folks with a pecking order about the same level as the barnyard. All animals badger each other for 'position', and those with teeth and claws rape and eat those without. I guess it is human nature to fight, kill, maim and have fun doing it. All of us. It seems that the middle east is the worst as there is not much else to do other than grow drugs and fight. From what I have seen first hand and through much study, is the Middle east is a giant dog eat dog pen. Fighting for scraps, not for vacations, retirement savings, and toys. None seem to have their children in mind other than to provide for them when they get old. I can't see changing their way of thinking. It is a wonderful beautiful world, but TPTB will now allow the knowledge and grandeur of the real world. I think it stinks and due to the media trumpeting weak causes, ( in my mind, a loud voice equals a weak cause ) and the foolish, unwashed, and odd are heralded as heroes and role models. I mean, is the games the kids play with computers uplifting as the blood is splattered all over the monitor, as arms and legs fly with blood pooling everywhere. Is this the legacy of ancient Rome, or America? I feel we are dis-evolving into some sort of transient species not long for this world. Mother nature has a way you know to end a failed experiment. I wonder what our leaders have in mind for us next. I bet is ain't pretty.Capt. BrianThe Lost NavigatorMuch left unsaid
    27 Dec 2013, 12:32 PM Reply Like
  • TUR is up 8% today.
    30 Dec 2013, 09:53 AM Reply Like
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