Economic woes overshadow Sunday's elections in Turkey. The Turkish economy is plagued with high inflation and a sinking currency. This week the Lira hit a new historic low against the US dollar.
Under a new economic program, Turkey wants to cut its growth sharply and promised to curb public spending, as it seeks to avoid a full-blown economic crisis fueled by massive inflation and a plunging currency.
Turkish President Recep Tayyip Erdogan has put himself in charge of a $40-billion state wealth fund that he said failed to reach the "desired" goals. His son-in-law, Finance Minister Berat Albayrak, serves as deputy.
Cem Özdemir, one of Germany's fiercest critics of Recep Tayyip Erdogan, intends to "send a signal" by attending a dinner for the Turkish president during his state visit. A host of lawmakers have pledged a boycott.
Turkey's central bank has shown it has teeth, hiking interest rates beyond expectations to quell inflation and calm investor nerves. But as recession looms and Erdogan growls, Turkey is not quite out of the woods.
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