United States can not see who its true friend is: Turkish FM

United States can not see who its true friend is: Turkish FM

Turkey has taken advantage of the United States for many years.

Turkish Finance Minister Berat Albayrak and his French counterpart Bruno Le Maire, on a phone call, agreed to act together against USA sanctions against Turkey.

Brunson's detention since October 2016 on terror-related charges has soured relations between the two North Atlantic Treaty Organisation allies, sending the Turkish lira into a tailspin. Turkey has borrowed much more in foreign currencies than any other country, as a percentage of its economy, and investors question how much authority its central bank has to raise interest rates.

The embattled lira fell three percent yesterday after a Turkish court rejected a United States pastor's appeal for release, drawing a stiff rebuke from Mr Trump, who warned the USA would not take the detention of Andrew Brunson "sitting down".

In U.S. markets, the Dow Jones Industrial Average .DJI rose 428.96 points, or 1.7 percent, to 25,591.37, the S&P 500 .spx gained 26.08 points, or 0.93 percent, to 2,844.45 and the Nasdaq Composite .ixic added 45.51 points, or 0.59 percent, to 7,819.63.

"They should have given him back a long time ago, and Turkey has, in my opinion, acted very, very badly", Trump told reporters at the White House, referring to Brunson.

Treasury Secretary Steven Mnuchin said additional USA sanctions are ready if Turkey refuses to release an American pastor whom the Trump administration says is illegally detained.

Erdogan to boycott iPhones as Turkey's feud with United States escalates
On Tuesday, he said Turkey would boycott us electronic products. "If they have the iPhone, there is Samsung elsewhere". The United States and Turkey also have diverging interests over Syria, which is enmeshed in a protracted civil war.

Turkey on Friday vowed to respond if the United States followed through on its threat to levy further sanctions if it does not release the American pastor being held on terror charges.

Ratings agency Moody's has downgraded Turkey's credit rating deeper into "junk" status and slapped a "negative" rating on its outlook. On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest.

ENERGY, BANKS The Turkish banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.

He said Turkey would emerge "stronger" from the currency crisis and ruled out an International Monetary Fund bailout.

"Turkey - they have not proven to be a good friend, they have a great Christian pastor there, a very good man", he said.

Reuters reported earlier this month that banks had also started to sell some project finance loans to foreign lenders, to free up cash as they face higher funding costs and pressure from Erdogan to lend more cheaply.

The Turkish lira was little changed at 5.87 per dollar, and the closure of Turkish financial markets for a string of national holidays during August 21-24 also provided some respite. This week, Qatar pledged $15 billion in support to Turkey. A senior Turkish official, asked about the case, said that the judiciary is independent and the verdict is up to the courts.

Related Articles