Consequences of the Economic Crisis in Turkey

It worries me that Turkey's economic problems seem to be much worse than we suspected.

I am worried that the Turkish lira has already depreciated by 30% this year. I am worried that Turkish companies that have borrowed in euros or dollars will be in a tragically difficult situation to repay their obligations. The same goes for Turkey’s banks.

It worries me that state reserves are constantly declining.

The economic crisis they are going through is massive; so much so that it even threatens to split up Erdogan's family.

On Sunday night – Constantinople time – the country's Finance Minister and Erdogan's son-in-law resigned after five years in office.

In a post on social media, Berat Albayrak mentioned his father-in-law only once by name.

He is apparently upset because he was asked to resign in order to take responsibility for the financial crisis.

It should be noted that Albayrak was also in charge of Erdogan's relations with the White House, through Trump's son-in-law, Jared Kushner.

Trump and Erdogan share the same view: they see their countries as family businesses.

Although Erdogan delayed his congratulations to Biden (he congratulated him on Tuesday), the departure of his son-in-law from the Finance Ministry may be related to a new approach in his relations with Washington.

Yes, I am not at all happy with the economic crisis in Turkey.

In fact, the opposite is true. I worry about it. I want their economy to improve quickly.

In the situation we are in, a turnaround in Turkey’s economy is in the interest of Hellenism.

As the crisis deepens, resulting in a loss for political ground, Erdogan will look for ways to maintain his popularity.

And what more effective way than to raise the flag, to declare that the homeland is in danger, to address the nationalist instincts of the Turks with new military adventures?

I am worried – and at the same time I am sorry – that as Hellenes and Hellenes of Cyprus, we do not take with due importance and vigilance the statements of the new ‘prime minister’ of the Turkish Cypriots: 'forget about a federation – the solution is two separate states.'

Nor are we paying due attention to Erdogan's visit to Varosha on November 15, the anniversary of the proclamation of the pseudo-state.

Is this going to be another case of ‘here we go again’?


Everything was reminiscent, with minor differences, of one of Ecumenical Patriarch Bartholomew's visits to America.

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