Turkey's economy is in recession. Now, following poor local election results, the government seems determined to tackle the situation. Starting with the financial sector.
The result had been under review after President Erdogan and his AKP party cried foul. The president has called for a rerun of the vote, yet it is unclear if the election board will accede to that wish.
After several decades in which the independence of central banks was seen as essential to economic stability, the notion is being questioned again. So are central banks free spirits? And do they truly need to be?
The Turkish economy is in turmoil as fears over an ongoing currency and debt crisis grow. While the problem is being billed in some quarters as a primarily domestic one, concerns of wider contagion abound.
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