A decisive win for Turkey’s main opposition party in a re-run of a mayoral election in Istanbul this weekend has dealt a blow to President Erdogan, prompting hopes for economic and political change.
Against this backdrop of domestic and international uncertainty for Turkey, the latest election results in Istanbul have prompted hopes that Erdogan could be pushed toward performing political and economic reforms in Turkey. The market rally certainly suggests hopes that Erdogan could focus more attention on the economy which the International Monetary Fund predicts will contract 2.5% in 2019 before growing by 2.5% in 2020.
"First whether MHP leader, Bahceli, will affirm his commitment to the ruling coalition with the AKP - I think many people have questioned his ultimate loyalty. If he pulls the rug from Erdogan sensing weakness we could see early parliamentary and presidential elections," Ash noted. The EIU's Birch told CNBC's Squawk Box Europe on Monday that President Erdogan is unlikely to loosen his grip on power lightly, however, and that there is no clear view on what might happen next.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Turkey hosting 'most refugees' for five consecutive yearsUN official hails Turkey for 'hosting highest number of refugees' with 3.7 million people, mostly Syrians, followed by Pakistan, Uganda, Sudan, and Germany.
Read more »
Turkey stands by S-400s, says F-35 partners disapprove of U.S.Turkey has purchased Russian missile defenses and is discussing a delivery date ...
Read more »
Turkey's opposition strikes blow to Erdogan with Istanbul mayoral winTurkey&39;s opposition has dealt President Tayyip Erdogan a stinging blow by winning control of Istanbul in a re-run mayoral election, breaking his aura of invincibility and delivering a message from voters unhappy over his ever tighter grip on power. Ekrem Imamoglu of the secularist Republican People
Read more »