After Failed Coup, Investors Flee Turkish Markets
Who’s worried? Turkish Finance Minister Naci Agbal says any economic aftershocks will be brief, and that there are no financial stimulus plans. But with the Istanbul Borsa 100 at a three-year low, down 7.1 percent after the weekend coup attempt, investors are shying away: It isn’t the coup spooking them, but the uncertainty as President Recep Tayyip Erdogan purges 20,000 suspected disloyalists from government ranks. Erdogan’s also sworn to bring back the death penalty “if the people demand it,” which would likely mean Turkey will never gain EU membership.