Recep Tayyip Erdogan accuses foreign banks for deflating Turkey’s national currency. “I am calling on those who are engaging in such activities ahead of the elections, we know the identities of all of you and we know what you are doing,” the Turkish president stated. According to Mr Erdogan, the lira’s slump was caused by neither the weak economy nor the Central Bank’s dependence on the political elite of the country. He blames analysts at JP Morgan Chase who advised clients to short the lira and invest in the dollar. In fact, the Turkish lira could hardly go into a nosedive because investors followed expert advice from JP Morgan Chase.
Oddly enough, a market forecast released by two of its analysts became a legitimate excuse for Turkey’s government to launch an investigation. This is not the only ridiculous situation.
Earlier, the CEO of HSBC Holdings Plc's local unit was charged with insulting the president.
