Erdoğan strengthened Islamist constituency over economic affairs
country embroiled in full-blown financial crisis
Erdoğan hired Nureddin Nebati, director of leading Islamist group MUSIAD
member of several religious associations
as deputy minister responsible for Treasury
Nebati directly under Erdoğan’s son-in-law
Nebati is hardcore Erdoğan Islamist movement
AKP chief of financial affairs
rhetoric resembles Erdoğan
departure from hiring liberal, market-orientated figures
severe financial turmoil in Turkey
lira slumped > 40% against dollar this year
decline 25% in August alone
Foreign investors looking to orthodox, urgent steps to steer economy from crisis
hike interest rates, cut budget, rescue programme
firms saddled with > US$200 billion of unhedged foreign currency debt
debt becoming more expensive to pay as lira tumbles
threatening corporate bankruptcies, financial stress on banking system
MUSIAD fledgling, controversial Islamic business group
until Erdoğan used his influence to promote it
MUSAID vowed to battle foreign powers
MUSIAD to fight political game
Almighty Allah with righteous it said
Nebati member of controversial Ensar and TUGVA – Turkey Youth Foundation
Both work to transform education system into Islamic model
provide dormitories, bursaries for students in Islamic religious schools
grown exponentially under Erdoğan’s 15-year tenure
merging Finance Ministry and Treasury shortly after elections on June 24
merging part of plan by Erdoğan to centralise power
in July, president tightened control of central bank
interest rate 17.75%
Nebati’s appointment important to cement grip over economy
My comments : They are nailing themselves inside the coffin. The mullahs have the capacity to turn back the clock - at any point in history - back to the Stone Age. This is happening now in Turkey.
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