Euro on defensive as lira, EM currencies seen vulnerable

Britain's FTSE dips as Tuekey's lira crisis shakes world markets

"We expect the USA to be faithful to our traditional friendly relations and North Atlantic Treaty Organisation alliance", Mevlut Cavusoglu said in his opening speech at the 10th Ambassadors' Conference in the capital Ankara.

President Tayyip Erdogan on Monday accused "economic terrorists" of plotting to harm Turkey by spreading false reports and said they would face the full force of the law, as authorities launched investigations of those suspected of involvement.

Erdogan was speaking at ruling Justice and Development (AK) Party's meeting in northeastern Turkish province of Trabzon.

His victory enhances his power, the vote marking the passage from a parliamentary to a presidential system where executive power is concentrated in the hands of the head of state.

Erdogan also blasted the "economic terror" on social media, vowing that the judiciary had taken necessary measures to punish so-called speculators. "This is called carrying out an operation against Turkey", he said.

The White House and lawmakers have demanded that Erdoğan release Andrew Brunson, a Christian pastor arrested in Turkey nearly two years ago, and allow him to return to the U.S.

Trump urges Erdogan on Twitter to free him, describing his continuing detention as "a total disgrace".

Brunson has been detained under house arrest pending his trial.

Washington's hostility against Ankara has fueled speculations that it would further push Turkey towards Russian Federation. He denies all the accusations.

U.S. pastor Andrew Craig Brunson is at the centre of a diplomatic row between Turkey and the US.


On July 20, Washington refuses Erdogan's proposal to exchange Gulen for the pastor.

Trump authorized an increase in tariffs on Turkish aluminum and steel products on August 10, while the USA also imposed sanctions on Turkish justice and interior ministers for their alleged role in the arrest American pastor Andrew Brunson, who is under arrest for his alleged links with PKK and Gülenist Terror Group (FETÖ). Erdogan himself was elected prime minister in 2003 on the back of a major crisis two years earlier, but has traditionally always had Washington's staunch support.

"We will give our response to the person - who declares war against the whole world including our country - by turning towards new markets, new partners and new alliances", Erdogan added. The identity of the ministers concerned is not clear.

'I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!' Trump said in an early morning post on Twitter. "Our relations with Turkey are not good at this time!" he says on Twitter.

Albayrak dismissed any suggestions that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into Lira was out of the question. "It is a national fight", he says.

President Tayyip Erdogan tried to reassure supporters in a rally amid Turkey's currency crash.

Erdogan signaled he was not looking to offer concessions to the United States or financial markets.

"It is wrong to dare bring Turkey to its knees through threats over a pastor". "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

He said the fall in the lira was caused by a plot and did not reflect the country's economic state.

"We will overturn the scenarios that target our nation", he added.

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