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Strongman, weak markets

Turkey will pay high price for political stability

Swaha Pattanaik 

Swaha Pattanaik President Tayyip Erdogan is reasserting control with a vengeance. His crackdown after Turkey's attempted military coup offers stability of sorts, which explains why domestic markets have pared some of their kneejerk losses. But it also engenders uncertainty, which investors loathe. Luring foreign money to the country will now be harder. Turkey is already proof that strongmen don't always guarantee strong market performance. Asset prices rallied sharply after a November 2015 election restored the single-party rule that eluded Erdogan's AK Party in a June vote. But Turkish markets ...

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First Published: Mon, July 18 2016. 21:21 IST
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