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It’s election season in Turkey, and barely a day has gone by this week without comments from President Recep Tayyip Erdogan on one of his favorite international topics: NATO. Like other alliance members, Erdogan must approve applications by Sweden and Finland to join the North Atlantic Treaty Organization, but he says he’s holding out until their governments do more to crack down on Kurdish groups outlawed in Turkey. Key reading:
He’s been demanding that Sweden extradite suspected Kurdish militants and alleged coup-plotters wanted by Ankara. A recent burning of Islam’s holy book in Stockholm by a right-wing extremist hasn’t helped matters, sparking outrage in Turkey and other Muslim nations. Sweden and Finland say they have fulfilled the conditions for membership, and all other members bar Hungary agree. NATO diplomats want to finalize the expansion in time for the alliance’s summit in Lithuania in July.  The tussle over NATO holds broader relevance as war rages in Ukraine. Having Sweden and Finland on board could make it easier to stabilize the security of the area around the Baltic Sea and defend NATO members Estonia, Latvia and Lithuania. Those countries are often seen as potential targets for Russian military aggression. This is happening against the backdrop of Turkey heading toward elections slated for May when Erdogan will seek to extend his two decades in power. While he faces the biggest challenge yet to his presidency with an economy in turmoil, the opposition is still trying to get its act together — it has yet to name a candidate to challenge him — and two of its top leaders have been sanctioned by the courts for allegedly insulting election officials as well as Erdogan. To guarantee victory, Erdogan needs to consolidate the support of his conservative and nationalist base. The NATO dispute is a perfect way to portray himself as standing up to international pressure. — Sylvia Westall |
 Erdogan at the NATO summit in Madrid, Spain, on June 30, 2022. Photographer: Valeria Mongelli/Bloomberg Click here to listen to our Twitter Space conversation yesterday about the many issues on US President Joe Biden’s plate — from a probe over classified documents to a brewing fight about the debt ceiling and tensions with Europe over policies to support domestic industry. And if you’re enjoying this newsletter, sign up here. |
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Reversing course | Just last week, US officials insisted the M1 Abrams was a bad fit for Ukraine. Yet Biden offered 31 of the battle tanks yesterday, saying they would “enhance” Ukrainian defense capacity. While they will take months to arrive, the switch shows how nearly a year into Russia’s war keeping NATO unified remains paramount, after Germany had refused to send its Leopard battle tank without other allies doing the same.
Seeking voters | Donald Trump’s reinstated Facebook and Instagram accounts could be a boon as the former US president tries to spark Republican enthusiasm around his so-far listless 2024 White House comeback bid. Trump had 34 million followers on Facebook and 23 million on Instagram before his suspension in 2021, and his campaign will be able to buy ads again to raise funds with direct appeals or by capturing users’ contact information to solicit them directly.
 Enjoying one of Italy’s classic dishes has just become noticeably more expensive, with the average cost of cooking a Pizza Margherita up almost 30% in December from a year ago. That far outstrips last month’s overall inflation rate of 12.3% and underscores how, even after $82 billion of government cash spent on reducing gas and power bills, there’s only so much that can be done as other prices inch up. Growing pressure | When UK Prime Minister Rishi Sunak’s cabinet gathers at his countryside residence of Chequers today, among those due to attend is one major distraction: Conservative Party Chairman Nadhim Zahawi. The premier is under growing pressure from the opposition and within his own party to eject Zahawi after he conceded he’d been “careless” with his taxes and had settled a retroactive bill with the country’s tax collector.
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Best of Bloomberg Opinion |
Rich exit | President Xi Jinping’s decision to dismantle Covid travel restrictions is accelerating an exodus by wealthy Chinese, who could fuel billions in capital outflows as they plow cash into property and assets abroad. Since the end of Covid Zero in December, many rich Chinese spooked by a crackdown on industries like technology, real estate and education have begun traveling overseas to check out property or firm up plans to emigrate. |
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Impeachment attempt | Leftist parties in Peru lodged a motion seeking the impeachment of President Dina Boluarte, escalating a political crisis that’s seen fatalities and protests across the country since she was sworn in last month. Boluarte took over from Pedro Castillo after he was impeached and arrested for trying to suspend congress, triggering Peru’s worst violence in decades as his supporters tried to oust the incoming government.  A protest in Lima on Tuesday. Photographer: Ernesto Benavides/AFP/Getty Images Bloomberg TV and Radio air Balance of Power with David Westin on weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online here. |
News to note |
And finally ... Zimbabwe’s political leaders have a remedy for the collapse of its capital: build a new “cybercity” for the elite with as much as $60 billion of other people’s money. A brochure for the development in Mount Hampden depicts pristine walkways, towering high rises and shining malls — a world apart from Harare’s urban sprawl to the south riddled with potholes where garbage is rarely collected, electricity supply is more often off than on and many areas haven’t had reliable running water for years.  An artist impression of the planned Zim Cybercity. Source: Mulk International |
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