Politics

Turkey Prison Erdogans Top Political Rival, risking more troubles

(Bloomberg) – Turkey officially arrested President Recep Tayyip Erdogans on Sunday political rival, a decision that set up to stir up other demonstrations and shake the markets.

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Ekrem Imamoglu, mayor of Istanbuls and key chief of the Party of the Republican Peoples of the opposition known as CHP, was imprisoned for corruption.

The case has the potential to keep the imamoglu behind bars for years and prevent it from running for the elections planned for 2028, providing relief to Erdogan. But investors took the detention of mayors and antigenal demonstrations that followed as a sign of fragility and erosion in the institutions of the Turkeys State.

The Turkish markets have displayed some of the world's largest drops in the world since Imamoglu was placed in police custody, while the central bank tries to reduce the benefits with a surprise meeting on Sunday with the best lenders of the nations.

The impact on the economy will be essential for Erdogan while he sails in this last domestic political crisis, one of many during his 22 years in power, the turkeys increasing the cost of living detached from the popularity of its parts. The reaction of the Western allies which is increasingly depends on Turkey for regional security has been attenuated.

Turkish assets will undergo a renewed pressure following the arrest of Imamoglus, but Erdogan probably bet it will not last long, said Wolfango Piccoli, the co-president of the consulting company Teneo. It is unlikely that foreign partners of turkey exerts significant pressure.

Ultra-popular major

On Wednesday, the detention of the shock of the shock of Imamoglus came after the authorities revoked his university degree a compulsory requirement to appear in the elections. The Istanbul court hearing the allegations on Sunday decided on Sunday of an official arrest for separate terrorist accusations, but Imamoglu will remain in prison with the investigation into corruption.

The 54 -year -old mayor is an extremely popular political figure since 2019, when he has beaten Erdogans sorted in the local elections. When he repeated his success in the ballot box against another Erdogan ally last year, he also helped the main opposition group CHP to beat the party in power during the national vote for the first time.

Imamoglu became so popular among the voters he was to be declared on Sunday as a candidate for the presidential parties for the 2028 vote. But the decisions of the Turkish authorities to cancel his university diploma and send him behind bars carried a huge if not deadly in his political future.

Together together, remove this black spot on our democracy. I stand up, I will never bow, said Imamoglu in a written statement shortly after his arrest, repeating the popular campaign slogan he used in the municipal elections: everything will be good.

Why now

The investigation marks a new peak in a wave of detentions and investigations that have started to target opposition politicians, journalists and other dissidents since the start of the year.

Some of his detractors say that Erdogan simply tries to weaken the opposition an accusation that the government has denied, saying that the detention of Imamoglus has nothing to do with the president or his party.

Others argue that Erdogan uses changes in the global balance of powers to maximize his gains at home: he has a good connection with US President Donald Trump and enjoys close ties to Russia Vladimir Putin. The turkey expanding the military imprint make Erdogan a key power broker in the regional conflicts of Ukraine to Syria, and a useful ally for the European Union while the block is worried about a possible American retreat.

NOSEDIVE markets

The most important flame return to the detention of Imamoglus was financial. While Erdogan obtains a relief from the beaten political ambitions of a formidable challenger, volatility taking place in the markets is likely to cancel the economic gains of the last two years.

As a vocal critic of conventional economic policies based on high interest rates to slow down inflation, Erdogan swallowed his pride in 2023 and brought back his former ally Mehmet Simsek as Minister of Finance.

Together, they supervised a period in which the central bank increased the highest interest rates to 50% since Erdogan began to govern Turkey in 2003 and maintained it long enough for Turkey to accumulate foreign reserves after years in red.

Inflation, which still hovered around 40%, finally showed signs of slowdown after years of increasing prices on the run pushed many Turks into poverty and have moved them away from the Erdogan power party.

Since the detention of Imamoglus, the turkey borrowing costs have increased, the shares have dropped and the LIRA has lost more than 3%.

The central bank intervened, commercial lenders selling up to $ 9 billion on the first day of volatility to stem the drop in liras and prevent it from catching inflation.

The monetary authority meets the lenders on Sunday to discuss coordination on the future stages to calm the markets, said people with direct knowledge of the case, asking not to be identified as the rally is private.

Outstanding

Hundreds of thousands of Turks have come down to the streets in the past four days, defying various prohibitions on demonstrations. The governor of Istanbuls has imposed restrictions on travel in and outside the city to prevent them from spreading.

However, Erdogan the main objective of the IRE anti -government demonstrators seems imperturbable. As was the case in 2013 for months of anti -government demonstrations that started in Istanbul and spread to much of Turkey, the president has gradually become more conflicting in his public speeches.

It is a dead end, Erdogan said that after the main opposition party called on followers to organize mass demonstrations. The days when the terror of the street has put the direction of politics is now in the past, just like old Turkey.

– With the help of Inci Ozbek, Firat Kozok and Tugce Ozoy.

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Turkey Prison Erdogans Top Political Rival, risking more troubles

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Turkey Prison Erdogans Top Political Rival, risking more troubles

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