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Editorial

The Time Is Coming for Aeolus’ Wind Sack To Be Opened for Erdogan

September 16, 2020

The substantial upgrading of the combat readiness of the Greek Armed Forces, which Prime Minister Kyriakos Mitsotakis announced from the podium of the Thessaloniki International Fair a few days ago, is the best possible response to Turkey's aggression.

As I have pointed out many times in this column, the only thing Turkey understands is power. Nothing else. Unfortunately, in order to achieve the strengthening of the Armed Forces, it will take a long time, due to the fact that it takes time for these expensive orders to be executed, to train the crews, etc. As for choosing France as the supplier, it is obviously not unrelated to the strong support that country offers to Greece.

Of course, this should have been done years ago, but it is not too late. The other announcements of the Prime Minister were also important, and they seem to be part of a comprehensive plan for the upgrading and modernization of the country.

To the extent that this will take place, it will also lead to the rapid growth of its economy, which in turn will make it possible to further strengthen Greece's defense.

Simultaneously with the upgrade program of the Greek Prime Minister, came very important news regarding Turkey, which probably means that the conditions between the two countries are now reversed: Greece is now entering a positive course, and Turkey a negative one.

It is also news that will threaten Erdogan's political future and make it difficult for him to continue to squander his country's financial resources.

In particular, the well-known rating agency, Moody's, downgraded the credit score of the Turkish economy, from B1 to B2 on Friday. It justifies its decision by explaining that Turkey’s foreign exchange reserves have been moving in a negative direction for years and are now at a decades-long low as a percentage of GDP, because the Central Bank has been trying (unsuccessfully) to support the Lira since the beginning of 2020.

Bloomberg’s headline is dire: “Turkey Gets Unprecedented Downgrade, Crisis Warning From Moody’s.”

Many observers argue that it is the Turkish economy's poor performance that is pushing Erdogan to create international crises with its traditional rivals, such as Greece, to fire up his people.

Erdogan's popularity is mainly due to the great economic growth he led his country to in the early years of his presidency, which lifted tens of millions of Turks from poverty into the middle class – especially in the interior of Turkey.

Today, however, many businesses, especially those which borrowed in foreign currency, are threatened with bankruptcy, resulting in the impoverishment of tens of millions of Turks.

And this, combined with the authoritarianism with which he rules, is likely to greatly reduce his popularity.

And at some point, it is possible that Aeolus' bag will be opened and blow him away.

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