With less money in their pockets, Turkish voters may punish the government of Recep Tayyip Erdogan in upcoming municipal elections. And the construction boom is weakening. Many developers can't sell their properties, which have become ghost towns.
President Erdogan and his Islamic conservative AKP are facing potential losses in Sunday's local elections, largely over Turkey's faltering economy. The vote is now seen by many as a referendum on Erdogan.
Recep Tayyip Erdogan has won every election in Turkey for the past 16 years. The current economic crisis means he is now in danger of losing his parliamentary majority — and re-election as president is far from certain.
The Turkish lira crash is threatening to turn into a debt and liquidity crisis, with no end in sight. Instead of acting the Turkish leadership has warned of an "economic war," and hit back at a "currency plot."
Police in Turkey have rounded up hundreds of construction workers at Istanbul's new airport after they protested labor safety, bed bugs in their accommodations, delayed salaries and colleagues' deaths.
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