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Turkey has launched an investigation into the leader of the main opposition party to insult President Recep Tayyip Erdogan in the final stages of punishment that have sparked investors’ fears about the government’s political instability and economic program.
The investigation, which could result in the Republican People’s Party (PE) chair, Ozger Ozel, seizes parliamentary immunity, follows the March arrest by Starwell opposition politician Ekrem Amamoglu, leading to mass protests, investor and investor.
Turkish markets fell on Monday after prosecutors launched an investigation late Sunday.
In the morning trading, the Benchmark Bust 100 stock market fell 1.2 % after receiving nearly 10 % last week in a rally prompted by the hope of lowering interest rates and delaying a special case that could decide on the fate of the PE, Turkey’s oldest party.
The Turkish currency has briefly weakened the last 40 lira to the US dollar, while the cost of insurance for Turkish debt to failure to fulfill.
Ozel, who led vigorous mass rallies across the country since the arrest of ̇mamoğlu and stepped up his criticism of Erdogan, was accused of “insulting the president” and “offending public officials”.
“Ozel has crossed the boundaries of political courtesy with threatening and provocative statements,” Turkey’s Chief Fahrettin Altun wrote on social media on Monday. “Democracy has been strengthened. Through the will of the nation and the basis of the law.”
PE spokesman Deniz Jasel called the investigation the latest “attempt to suppress freedom of expression and legitimate democratic policy”.
An investigation into Ozel-who accused Erdogan of running the “junta” and said his government is organizing a “creeping blow”-the latest escalation in a month-long campaign to weaken the opposition and disagreement.
More than 120 people were detained last week in an investigation into corruption in Izmir, a stronghold of PE and the third largest city in Turkey. This was followed by the arrest of three PE mayors on Saturday, also on charges of corruption.
Four employees of the Satirical Lehmann magazine were arrested last week after publishing a cartoon that seemed to show the prophet Mohammed, whose image is a deeply disputed problem in Islam. The magazine denied the allegations.
In some cases, authorities withdrew from punishment, as it happened last week, when the case of the court’s landmark questioned the legitimacy of the PE leadership was delayed by autumn.
“The government is very sensitive to how the economy is going,” said Kieran Curtis, head of the new markets of local currency debt in Aberdeen Investment. “They also see very consciously what makes the market for punishment and want to not disturb the market.”
The government insists the country’s judiciary is independent, but critics say punishing an attempt to undermine the opposition after benefiting in last year’s municipal elections to the detriment of Erdogan Ak’s Administrative Party.
Most polls show that the AK party is behind the PE, and most Turks believe the probes are unfair.
“Turkey’s main opposition, the PE, has achieved a historic victory in the 2024 local elections. Now Erdogan is pampering those municipalities back through court verdicts and closing the mayors of the PE,” said Ganil Tol, of the team of the Middle East Institute in Washington.
One risk to the government, according to analysts, is that punishment can undermine investors’ confidence in its economic stabilization program, which could continue the cost of crisis in the country by making it difficult to reduce rates.
“I think the government is making plans as it takes place, looking at the field and whether there is a popular return,” Berk said in Autumn, Assistant Professor of Political Science at Sabanci University in Istanbul. “These steps have the potential to respond. In a way, they already have: therefore interest rates are kept high. But so far, the government has managed to stabilize the situation.”
Foreign reserves partially recovered from the financial panic caused by the arrest of ̇mamoğlu, which forced the central bank to raise interest rates and burn about $ 50 billion. But gross foreign exchange reserves remain about $ 25 billion under their year of about $ 175 billion.
Inflation, although decreasing, lasts 35 %, while the central bank’s main rate is at 46 %, which has violated companies to finance.
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