Erdogan warns US risks losing Turkey as strategic partner

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai China. Aly Song Reuters  File

With Monday's opening gap taking the EUR/USD into a new 12-month low into 1.1380, the Asia trading session is likely to see the gap close, taking the pair back to the 1.1400 technical level, where selling could begin anew if positive headlines regarding banking sector exposure to Turkey fail to materialize quickly at the outset of the European market session.

Turkish Lira to 2018 lost about 40%.

Erdogan, speaking to political supporters in the Black Sea resort of Trabzon, said, "The aim of the operation is to make Turkey surrender in all areas, from finance to politics".

"We will implement a necessary fiscal rule if circumstances require", Albayrak added.

"The price of the food that I buy increases day by day, the fuel that I put in my auto to distribute lunches is more expensive, but I can not raise my prices from one day to the next", she said.

"There is no economic reason for the present (currency plunge) situation". Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

He added that businesses should "know that keeping this nation alive and standing isn't just our job, but also the job of industrialists, of merchants".

The two North Atlantic Treaty Organisation allies have been at odds over a wide range of issues: diverging interests in Syria, Ankara's ambition to buy Russian defence systems, and more recently the case of Andrew Brunson, an evangelical pastor on trial in Turkey.

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Turkey and the US are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

"We will respond to those who declared trade war on the entire world and included Turkey in it, by steering towards new alliances, new markets", he said, raising questions in the future partnership between Ankara and Washington.

"We will say bye bye to those, who sacrifice their strategic partnership and alliance with a country of 81 million people on the altar of their relations with terror organizations", he said. "You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?"

The US has repeatedly demanded the release of American and threatened sanctions against Ankara. The managing director of the Washington Institute for Near East Policy, Michael Singh, reported that, "Although Pastor Brunson's case is the most visible of bilateral irritants at the moment, tensions in the US-Turkey relationship are manifold and have been accumulating for years".

Trump has described the pastor's detention as a "total disgrace" and urged Erdogan to free him "immediately".

A delegation led by Turkish Deputy Foreign Minister Sedat Onal failed to secure a deal last Wednesday in talks in Washington on a number of issues including Brunson.

Iran´s Foreign Minister Mohammad Javad Zarif waded into the mounting row between Turkey and the United States, accusing Washington of an "addiction to sanctions and bullying".

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