Key Reading: Erdogan Challenger Wins Support of Nationalist Party in Runoff Turkey’s Erdogan Wins Support of Eliminated Rival in Runoff Turkey Holds Rate Again With Lira Feeling Heat Before Runoff Why Turkey’s Erdogan Faces His First-Ever Runoff Vote But his parliamentary alliance won a majority, giving Turkey’s longest-serving leader clear momentum going into Sunday’s runoff despite his vows to stick to a low interest-rate policy critics blame for the country’s cost-of-living crisis. Campaigning on a promise to return to economic orthodoxy, challenger Kemal Kilicdaroglu attracted 45% of the vote. That’s respectable by any measure, but may not be enough to engineer the kind of electoral upset the opposition coalition had hoped for. Markets have accordingly tempered expectations of an early end to measures that have hit the lira, fueled record inflation and deterred foreign investors. The cost of insuring against a sovereign default over the next five years rose to its highest level in over six months after a nationalist candidate endorsed Erdogan this week, bolstering his potential support. But Kilicdaroglu is also playing for nationalist swing voters in the second round. He’s won the backing of an anti-immigration party and is heading into the vote with a renewed focus not on the economic chaos but on a promise to send home immigrants, particularly those welcomed by Erdogan from neighboring Syria. It will soon be clear if that’s enough for the challenger to turn the electoral tide. — Lin Noueihed A street vendor sells Turkish national flags decorated with the image of Kemal Ataturk, founder of the republic, in Bursa on May 18. Photographer: Moe Zoyari/Bloomberg Check out the latest Washington Edition newsletter. You can sign up now to get it in your inbox every weekday. And if you are enjoying this newsletter, sign up here. |
No comments:
Post a Comment