Turkish President Rails Against ‘War’ on Turkish Economy

The lira went into free-fall sinking more than 10 percent

The lira went into free-fall sinking more than 10 percent

Turkish President Recep Tayyip Erdogan on Sunday slammed the crash of the lira amid a widening spat with the United States as a "political plot" and said his country would instead seek new markets and new allies.

Despite that move by Washington, Brunson has yet to be released.

Trump is also declaring that, "Our relations with Turkey are not good at this time!"

He was speaking at a rally in the Black Sea town of Unye.

"You can never bring this nation in line with the language of threats", Erdogan told a crowd of supporters in Turkey. "You prefer a pastor to a strategic ally of yours in North Atlantic Treaty Organisation".

Analysts say that while Washington's sanctions against Ankara sparked the immediate crisis, Turkey's economy has been risking trouble for a while due to high inflation and the weak lira. You can not bring [Turkish] people to their knees by using a threatening language. "If there are dollars under your pillow, take these out". If there are euros, take these out.

Erdogan has downplayed the currency crisis, urging Turks to convert any stashed-away gold or foreign currency into lira, thereby waging a "war of independence" against America.

In the New York Times article, Erdogan said: "Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic values".

Mr Erdogan said the United States had "repeatedly and consistently failed to understand and respect the Turkish people's concerns".

He also said Turkey had alternatives, "from Iran, to Russian Federation, to China and some European countries".

He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece published in the New York Times, he warned the United States that Ankara had other alternatives as allies.

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What are the other issues of disagreement?

But Erdogan said Turks should not be alarmed by exchange rate movements.

He is clearly angry that the USA has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt. The US has refused to extradite Fethullah Gulen, who lives in Pennsylvania.

Oil prices edged higher with Brent up 5 cents at $72.86 a barrel, while USA crude added 15 cents to $67.78.

"We will not surrender", Erdogan asserted.

In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared for banks and the real economy sector including small to mid-sized businesses, which are the most affected by the foreign exchange fluctuations. These measures against Iran come at a time when there are no anti-Iranian decisions at the U.N. All of the world's countries are now in a dilemma as to whether to go down this American route or to reject it.

US President Donald Trump said Friday he had doubled steel and aluminium tariffs on Turkey, adding to pressure its troubled economy amid a diplomatic row with Washington.

The reaction from global currency markets caused the euro to slump to a 13-month low and pushed the dollar to a one-year high.

After nearly 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court.

Turkey has also been hit by United States sanctions on Iran, given that half of Turkey's oil imports come from Iran.

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