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May 23, 2018

TURKEY - Erdogan Driving Turkey Over The Cliff: Why Investors Have Become Skittish About Turkey

For the better part of 16 years, Turkish leader Recep Tayyip Erdogan, a "self-styled economic reformer", and the world’s great hope for Muslim democracy, had a compelling story—and for most of that time, everyone bought it. Everyone, that is, except Turkey’s old guard—the secular establishment, the billionaires, generals, and educated elites who stood to lose their monopoly on power, wealth, and influence.

Now, however, it looks like Turks got more than they bargained forAfter a run that brought in more than $220 billion of foreign investment, tripled gross domestic product, and returned inflation to single digits, Turkey’s economy is again ailing—its democracy even more so.

With the nation heading to snap elections on June 24, the lira is sinking, inflation is running at double the central bank’s target, and companies are struggling under more than $300 billion in foreign debt.

Turkey’s ranking on nearly every index of democratic governance has plunged. There’s no longer talk of a peace process with Kurdish separatists.

Buoyed by a seeming imperviousness at the polls, Erdogan has become ever more autocratic, his style of leadership more personal, prickly, and intolerant.

He has ruled using emergency law since a failed military coup in the summer of 2016, jailing more journalists than any country in the world and widening censorship powers to include the internet.

If people don't wake up in time to the fact that Erdogan is driving Turkey over the cliff and vote him out of power - it could mean this beautiful country will be going in na tailspin towards certain disaster.

READ MORE: Why Investors Have Become Skittish About Turkey - Bloomberg