Turkey's president calls lira plunge "plot", threatens to seek new alliances

Erdogan slams US for preferring terrorists as partner

His comments echoed those made by Turkey's President Recep Tayyip Erdogan over the weekend.

"But everything must be done to ensure an independent central bank", Merkel said during a news conference in Berlin when asked about the economic situation in Turkey.

"In a worst- case scenario involving total loss of local equity and any intergroup funding, we see a range of circa one-12 per cent of group equity losses for these banks", it said in a note.

The crisis has been sparked by a series of issues including a faltering economy-the central bank has defied market calls for rate hikes-and tensions with the United States, which has hit Turkey with sanctions over its detention of an American pastor. The US has responded by slapping financial sanctions on two ministers and later doubled steel and aluminum tariffs on Turkey.

His assurance came after Turkey's president blamed the lira's plunge on a plot against the country.

Turkish lira lost about 40% of their value this year, mainly because of concerns about Erdogan's influence on the economy, his calls for lower interest rates and worsening of relations with the US.

Fethullah Gülen, the leader of FETÖ group that launched the July 15, 2016 coup attempt killing 251 people and injured 2,200 others, also resides in USA state of Pennsylvania. It said it would take legal measures against them but did not say what these would be.

As President Recep Tayyip Erdogan lashed out at the U.S., took higher rates off the table and said he wouldn't accept an global bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing economies.

Brooks Koepka claims first ever PGA Championship title, Tiger Woods second
I mean, he becomes a contender. "There's something inside his brain that makes him believe that that's what he's destined to do". The birdie on 13 got Woods to within a shot of Koepka, who was playing behind him, and it felt like Woods was going to win.

Liverpools Jordan Henderson gives manager Jurgen Klopp selection dilemma
Klopp has not ruled out captain Jordan Henderson featuring on Sunday despite only returning to training at the weekend. I was not surprised, to be honest, but as a human being, I was hoping for it, that it would be like this.

Liverpool vs. West Ham United - Football Match Report
Liverpool got their Premier League campaign off to a ideal start with a 4-0 victory over West Ham on Sunday. The Reds begin their season with a tricky tie against a Hammers side that were unbeaten during pre-season.

The lira dived to record lows of 7.24 to the dollar and 8.12 against the euro very early in the day, then recovered somewhat after Turkey's central bank announced a raft of measures aimed at calming markets, only to slip back again late in the session.

CONTAGION FEARS: Emerging markets are falling out of favor due to problems in Turkey and Argentina.

Investors in lira are also concerned about Turkey's internal monetary policy. Erdogan accuses Washington of protecting coup plotters.

The moves will free up 10 billion lira, $6 billion, and $3 billion equivalent of gold liquidity in the financial system, the bank said.

Investors globally headed for safe harbors including the us dollar as the selloff in Turkey spread to emerging markets overseas, including South Africa's rand.

Investors are anxious that Turkish companies could struggle to repay loans in dollars and euros - a debt pile that only grows as the lira falls.

He also rejected calls to switch to foreign currencies which he insisted was not in the Turkish nation's character and said would be "giving in to the enemy".

"An investigation has been launched according to Turkish Penal Law, Banking Law, Capital Markets Board regulations and related laws into people who displayed actions that threaten economic security through manipulative stories on media and operational social media accounts as part of the economic attacks that target the Republic of Turkey, its social peace, unity and economic security by the powers behind the [2016] coup attempt", the prosecutor's office said in a statement on August 13, according to the state-run Anadolu Agency.

Related news:

Hot News

Trump says "Apprentice" producer told him there's no "N-word" tape
Aug 14, 2018 - 09:24
For example, Trump's former personal aide John McEntee, who was removed from his job in April, went to the campaign. Trump's White House has always amounted to an irregular workplace, sometimes proudly so.

isis-killer-beheading-video-story-top 'Touch the sun' mission: NASA delays launch of Parker Solar Probe
Aug 14, 2018 - 08:39
The probe will be 3.9 million miles from the sun's surface, making it the closest spacecraft to the sun's surface in history. The device will measure the electromagnetic field of the Sun and determine the nature of the particles emitted by the star.

isis-killer-beheading-video-story-top Top 3 Displays By New Signings Including Chelsea And Liverpool Stars
Aug 14, 2018 - 08:35
The opening weekend of Premier League season 2018/19 concluded on Sunday with three games, and they certainly did not disappoint. For the moment, Shaqiri appears anything but work-shy in his attitude to life at Liverpool .

isis-killer-beheading-video-story-top White House Doubles Down On Omarosa's 'Lack Of Character'
Aug 13, 2018 - 17:57
She acknowledges she had never been able to obtain or hear the tapes but said three unnamed sources had described their contents. Omarosa claims to have multiple recordings of her time in the White House , but numerous claims she has made are unverifiable.

isis-killer-beheading-video-story-top Hundreds of campers rescued as flash floods hit southern France
Aug 13, 2018 - 17:56
He was taken by helicopter to a hospital and was in serious condition, police spokesman Henrik Nielsen told public broadcaster DR. Rescuers used helicopters to evacuate people, including many children and tourists in three regions in the south of the country.

isis-killer-beheading-video-story-top Virat Kohli loses No. 1 Test ranking after Lord's debacle
Aug 13, 2018 - 16:54
That partnership helped England recover from a top-order collapse that saw them slump to 89 for four at lunch on the third day. Addressing the media after the Lord's Test, Broad said, "I think it's a powerful performance", said Broad after the match.

isis-killer-beheading-video-story-top Lichtsteiner on Arsenal defeat: We must work harder to match Emery demands
Aug 13, 2018 - 14:51
His mum and dad gave him a special body shape: he's small, tiny, so these kind of guys in one week are ready". With the addition of Mahrez, they have an even better squad than they did last season.

isis-killer-beheading-video-story-top Annual meteor shower to peak Sunday night
Aug 13, 2018 - 14:12
NASA says the best time to see the shower is between 2 a.m. and dawn local time-but the shower will be visible as early as 9 p.m. The meteor shower gained its name from the Perseus constellation - which is the area in space the meteors fly away from.

isis-killer-beheading-video-story-top Queen of soul Aretha Franklin is 'gravely ill', according to reports
Aug 13, 2018 - 13:39
In 2017, Franklin announced she was retiring from full-on touring and public performances, preferring instead to do select dates. Her mother died before her 10th birthday and not long after, Franklin started singing in her first solo shows.

isis-killer-beheading-video-story-top Brazil great Ronaldo in hospital in Ibiza with pneumonia
Aug 13, 2018 - 13:32
Ronaldo finished his career with an impressive 414 goals, 62 of which came in just 98 appearances for the Brazilian national side. No-one at the private hospital Ronaldo is now said to be a patient at could be contacted early on Sunday for comment.

isis-killer-beheading-video-story-top Sarri hints that scoreline flattered Chelsea after 3-0 Huddersfield win
Aug 13, 2018 - 13:16
Wagner guided Huddersfield to safety last season, even though they only scored 28 goals. This team has not the experience against, maybe for the Naples it was not a problem.

isis-killer-beheading-video-story-top Barcelona vs Sevilla: Messi makes another history after Super Cup victory
Aug 13, 2018 - 12:30
The Argentine worldwide has now won a staggering 33 trophies for Barcelona - one more than Andres Iniesta who won 32. Ousmane Dembele scored a late winning goal with a blistering strike from outside the area.

isis-killer-beheading-video-story-top Last solar eclipse of 2018 on 11th
Aug 13, 2018 - 11:12
What is a solar eclipse? A solar eclipse is basically the opposite of a lunar eclipse , like the one that happened on July 27 . As a result, the trick of partial eclipses is that the Sun is closest to the horizon at the point of greatest Eclipse.

isis-killer-beheading-video-story-top Omarosa says Trump was like 'dog off the leash'
Aug 13, 2018 - 09:45
However, those in the West Wing have made clear that Manigault Newman is no longer in their good graces. Newman met Trump in 2004, when she was a contestant on the first season of The Apprentice .

isis-killer-beheading-video-story-top Donald Trump Responds To N-Word Accusations In Typically Grown-Up Manner
Aug 13, 2018 - 08:28
In her " Meet the Press " appearance Sunday, however, Newman told Chuck Todd that she knows of the recording. In her book, Newman describes hearing about the tape but not hearing it herself.