Turkish Riot Police Storm Taksim Square, Central Banks Warns Of Intervention Due To Extreme Market Volatility

Tyler Durden's picture

Over a week into "Occupy Taksim", the Turkish situation is nowhere near resolution. In fact, judging by the capital markets response to news that hundreds of police stormed Taksim Square this morning using tear gas to disperse protesters, where the Turkish lira declined overnight to the weakest level since December 2011, bond yields dropped 29 bps, Turkish CDS rose wider than Russia, and where even the central bank has warned it may start engaging in tightening operations, things are going to get much worse. Finally, a big demonstration is due in a few hours: will Taksim Square June 2013 be the "Waddel and Reed/May 2010" Syntagma Square flash crash equivalent? Find out shortly.


More from Reuters:

Turkish riot police fired tear gas and water cannon at hundreds of protesters armed with rocks and fireworks on Tuesday as they tried to take back control of a central Istanbul square at the heart of fierce anti-government demonstrations.


Hundreds of riot police backed by armored vehicles surrounded Taksim Square as bulldozers began removing barricades of paving stones and corrugated iron built by the protesters. What began as a protest at redevelopment plans for the square has grown into an unprecedented challenge to Prime Minister Tayyip Erdogan's Islamist-rooted government and divided Turks.


The unrest has damaged investor confidence in Turkey, previously an emerging market success story. The central bank said it would intervene if needed to support the lira, after the currency fell to its weakest against its dollar/euro basket since October 2011. The cost of insuring Turkish debt against default rose to the highest in ten months, although it remained far from crisis levels.


The police move, shortly after dawn, came a day after Erdogan agreed to meet protest leaders, whose peaceful demonstrations two weeks ago spiraled into anti-government protests in cities across the country in which three people have been killed and about 5,000 hurt.


Police removed huge banners hung by protesters from a building overlooking Taksim but the local governor said they had no intention of breaking up a peaceful campaign against government redevelopment plans inside the adjoining Gezi Park, where the demonstrations first began.


"Our aim is to remove the signs and pictures on the Ataturk statue and the Ataturk Cultural Centre. We have no other aim," Istanbul Governor Huseyin Avni Mutlu wrote on Twitter.

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GetZeeGold's picture



They should just ban squares......lot's of bad stuff seems to go down in them.

malikai's picture

Why not just ban poor people?

We need solutions, not workarounds.

GetZeeGold's picture



We could just ban people all together.....but let's do in reverse this time.


Start at the top of the governments and work down.....I think you'll be surprised and pleased by the results.

malikai's picture

Something like that and we might end up banning bans.

I'm down.

BLOTTO's picture

Banning the poor people = inefficient operation.


Instead, use the poor people for their energy...their will...use them as slaves.

pupton's picture

Really ZH?  Pop-up ads?

firstdivision's picture

Better solution, ban the internet.

francis_sawyer's picture

LOL ~ Everytime I hear the word "ban something", for some reason I always recollect that scene from the movie "Wall St." where those two "Housewives of the Hamptons" are sitting on the sofa drinking Dona K's wine & one is talking about some "Ukranian bitch who botched her bikini wax", & the other says "OMG ~ you should sue"...

firstdivision's picture

I must say, they don't bother me on my comp, but they freeze up my phone.  Tyler, can we get a mobile proxy so that the pop-up flash is disabled?  While we’re being all nit picky, Waddell/Reed 2011 should be Waddell/Reed 2010.

MarsInScorpio's picture

I don't get any pop-up ads. Sure you know how to set your browser's pop-up blocker?


Or maybe your last vidsit to an adult site made you come home with something you didn't leave with . . .


Might be time to wipe and reload the HDD.


Check you computer, and make sure your settings are correct before you take off on ZH.


And, oh yeah - use Norton Internet Security 2013 to ensure your computer's safety.



ziggy59's picture

Only circles and triangles? ...

i-dog's picture

Stars are OK ... especially 6-pointed ones....

jughead's picture

If we ban squares, we wouldn't have politicians, bureaucrats, bean counters or pencil pushers. 


Legolas's picture

Ya just gotta believe that one of these days, one of these events is going to be the final straw, unraveling everything worldwide.

astoriajoe's picture

If only I could monetize all the straw that's piled up so far, I'd be better off than I currently am.

I hear straw theft is up significantly over the last few years.

SimMaker's picture

Going well, is'nt it. Sigh......

Son of Loki's picture

"Dad, lets skip that educational tour to Istanpool and Attens...lets forget the pyramids this summer also.... and how about the Family go to Six Flags instead?"


"Huh, Dad?"

francis_sawyer's picture

If it gets any worse they'll send in Baron Munchausen...

medium giraffe's picture

Imagine if this was happening in one of those dictatorial banana republic 'democracies' like Zimbabwe or America, the police would have started shooting by now.

francis_sawyer's picture

Americans don't need to go out protesting because jackboot glorification shows are all over the airwaves 24/7 proving once & for all that they're the government & they're here to help, [only to be pre-empted once a day when the teleprompter hijacks them to give a news conference telling you how great everything is]...

At the slightest whiff of trouble, entire cities go on lockdown, doors are busted down, & people are told to hide under their desks with a pair of toenail clippers...

Amerika is BASTIN' STRANG bitchez!

i-dog's picture

Americans don't need to protest, because they've got guns, dood. Protests are soooo third world.

While the Americans have guns, the Zionist Occupation Government can do whatever the fuck it likes ... and completely get away with it!

francis_sawyer's picture

Guns are not even as good as baseball bats or pitchforks without ammo... The ZOG is working on that as we speak...

fonzannoon's picture

suicide rates are up all over the place. that is where the guns have come into play so far.

francis_sawyer's picture

You mean those 'two shots in the back of the head' suicides?

Peachfuzz's picture

Reminds me of an ole murder case from a long time ago. Woman caught her husband cheating on her, running up cc bills on porn and other misc douchebaggery. Guy turns up missing, so the cops go out, have a look around, find the body in a well with five gunshots entering from the back. She told them, "Well, he was acting a little depressed..."

SimMaker's picture

Maybe this is going to sound weird Fonz, but as someone living in the UK (So it's "none of my business"), I hope you do hang on to your guns. I get a bad feeling that the last stand against this shit, is going to be in Amercia......if they ever get your guns off you, it really is game over for the human race.


They already have all the tools and power they need to control the world, the Romans never had nukes or battle/carrier groups. Or computers to track your every move, purchase, thought, fear and love. I think the only thing stopping them from going full retard, is the fact that you have more guns than they do.


America may be descending in to a shit hole........but Amercians?.........I really hope there are enough that wake up. I always thought the next Hitler would pop up in Europe, but by hell, if he turns up in the USA with the NSA, CIA, USAF, DHS, IRS, USMC etc etc etc at his/her disposal, the world will be plunged in to darkness.

Racer's picture

That's rich, they have been intervening for decades!

Debugas's picture

they should issue a new law limiting the amount of protesters in any square to one person per 2 square meters (1x2)

shovelhead's picture

Interesting, that space is the size that a grave occupies...

Dr. Engali's picture

What's this about turkey for dinner? I wasn't paying attention Survivor is on. Oh wait...wait...wait.... commercial is over, you'll have to tell me later.

Racer's picture

Banksters can't allow a 'market' that actually works to set the right valuation based on fundamentals for a change can they! Oh, NO, not THAT. Shock, horror, the mere thought of it will give them nightmares for months

jtmo3's picture

Market volatility? You mean when they go down? Christ almighty. Who elected these pricks anyway?

Aurora Ex Machina's picture

Nah, this is the G8 / G20 playbook. 15 "anarchists" with Molotovs, lots of strangely inaccurate water cannons, and lots of State media. All the real protestors were gassed out while trying to make human chains around the plants; Bloomberg showing just what a dinosaur it is playing the Turkish State Offical Version.

Total Puppet show (and everyone knows it, the viral scene is going wild - Turkey has high net illiteracy, so you're seeing some old-school cartoon fun and interestingly enough, some recycling of Italian content + Penguins. If you don't know about the CNN Penguins, basically CNN has made itself an ideological pariah - GG USA Polsec #winningTigerBlood. It's that bad, protestors have been seen replacing the Anonymous Masks with Penguin Masks. 'Murica!). Only interesting thing is that this is might be clashing with NATO desires (since EU would probably prefer a non-Islamic Turkey).

This, on the other hand, might move the market a little:

After the latest NSA surveillance revelations a Russian MP has suggested to the government to immediately limit civil servants’ access to the popular US internet services and social networks...

The politician told Izvestia daily that the instructions should be made part of the civil servants’ contracts “so that they understood that by sending information through US services they not only fill up the dossiers on themselves and their organizations but can provide aid to a foreign state or organization that are engaged in anti-Russian activities”. “This falls under article 275 of the Russian Criminal Code as this is high treason,” he added.

Persons convicted under this article face up to 20 years in prison.[RT - Obviously Moscow propaganda 101, scoring points for this & hinting they'd accept Snowden. Name and Shame - Facebook. Yeah, I can see non-USA stock holders loving this]


Most businesses fortify their laptops / phones when traveling anyhow (or use cleaned ones, or encrypted blackberries - ever wondered about the attacks on RIM? Oh well), but this looks like a Tech Cold War. Dutch AIVD are allegedly admitting that SKYPE, Google etc handed over data with both direct requests or "activating assets" in the companies (Dutch) over Muslim extremists. So, basically, remind us all where State <> Corporate divisions are again?


Sigh. Nationalism / Spy Games for the 21st Century, with added Balkanization along everyone having their own national language State run controlled social media: so dull.

i-dog's picture

I gave you a plus, but this line was uncharacteristically out of place:

"(since EU would probably prefer a non-Islamic Turkey)"

The EU is totally fine with a Sunni Islamic Turkey, but wouldn't want Erdogan to go too far with the Sharia stuff ... just yet ....

I'm thinking the Khazarians have someone other than Erdogan (or Qdaffy, or Mubarak) in mind for Caliph.

Interesting excuse the Russians gave for limiting internet access, eh? "We're protecting you from the Americans"...LOL. I wonder who'll be next to pull that one.

Aurora Ex Machina's picture

AKP is neoliberal atm, but might pull an Iran if it gets too wild. State Nationalizations make Corporates edgy. Then again, look how fast the telecoms were in Eygpt / Libya to morph - fairly impressive they could duck the collusion with Dictators so quickly.

Problem with this PRISM / Verizon stuff (which everyone knew about anyhow) is that it shows businesses as not really separate from their Nation ties. It's a bold move, as it produces a quandary: what's going to cost them the most, lack of customers or attempting to block out NSA / China / Russia 3 letter agencies.

As long as we're assuming any of them are separate anymore, and not just playing it all like a FIFA Tournament. (Oh, and Sony just Crucified MS' Xbox One - never have I seen such a badly done launch / so crushing PR defeat; it might be a stick save for Japan tech markets, if I was a cynical thinker. The new console wars: Sony Wins! In the long run I suspect sales will even out, but gamers are mostly tribal, and a few will switch to peak the initial launch totals. Xbox (and US gaming companies) are basically discounting any informed parts of their markets in the name of $ parasitism; they're counting on captured / stupid consumers. I'm not even sure if the Xbox One is legal in certain parts of the EU (Germany in particular). There's a parable here somewhere).

i-dog's picture


"but might pull an Iran"

Again with the confusion between Sunni (led by an elected Caliph...very Khazarian, or Pharisee) and Shi'a (led by a hereditary Imam...very Persian, or non-Pharisee). Don't let me down again....

Aurora Ex Machina's picture

Not the version of Iran's government I was referencing, it was a '53 coup jab - military seems to have taken absolutely no action so far, which is counter everything every pundit said ever about how it works there. Seems the people can no longer count on big brother Ataturk even when they call his name.


But, ok, sorry: in future I'll keep it to Islamic types, strictly real politik reading. Self junk applied for the State Nationalizations joke misfire.

Reptil's picture

what did expect? the main stream media has shown to be a propaganda outlet.

Aurora Ex Machina's picture

The lower the budget of the people running the play book, the more obvious it is.

This is known as Brand Dilution, and either requires the Brand Leaders to crack down on its usage or have a new Product ready. ME are all using it (all our ones anyhow) which suggests a new Product Launch might be planned to offset this Brand decay.

Coldfire's picture

Apparently, the "revolution" will be televised.

medium giraffe's picture

At least we know the recordings will be backed up. :)

roadhazard's picture

But not in AmeriKa. The only news I get is small business confidence is so far up it's having an orgasm.

IamtheREALmario's picture

I suppose that no one finds it convenient that Turkey was a supporter of the Syrian rebels and was taunting Syria with military jet incursions and now in a fitting twist of irony Turkey has its own internal rebellion to deal with.

Isn't this how world wars are started?