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Turkish Stocks, Bonds, Lira Collapse As Erdogan Fires Prosecutor, Asks "Who He Works For?"

Tyler Durden's picture




 

Muammer Akkas, the prosecutor who complained his government corruotion investigation efforts were being blocked by the government - has been removed from the investigation. Prime Minister Erdogan's efforts to rein in "the final attack" on "new Turkey" are failing even after his cabinet reshuffle but this morning's rhetoric has sent asset prices tumbling once more:

  • *'THE NEW TURKEY IS UNDER SERIOUS ATTACK': ERDOGAN
  • *IN NEW TURKEY, SOVEREIGNTY CAN'T LIE WITH JUDICIARY: ERDOGAN
  • *LAWMAKERS SHOULD AVOID REMARKS HURTING ERDOGAN: ARINC
  • *ERDOGAN SAYS HE'S ISSUING LEGAL COMPLAINT AGAINST MEDIA LEAKS

As one analyst noted, "Erdogan continues to present the developments as a conspiracy despite having to shuffle his cabinet, which indicates that there may be some serious findings behind the probe."

 

 

Perhaps the finest example of total and utter hyprocrisy came this morning...

 

 

 

Via WSJ,

...

 

"My investigation as a public prosecutor has been blocked," Mr. Akkas said. "The judiciary has been openly pressured, and the implementation of court decisions have been prevented."

 

His removal doesn't end the case, as at least two additional prosecutors are still at work. Mr. Colakkadi's office has pledged to conduct a thorough investigation and said Thursday he would "do whatever justice requires."

 

Meanwhile, the High Council of Judges and Prosecutors, which issues final opinions on Justice Ministry proposals, sought to annul a government measure adopted Saturday that bars prosecutors from conducting probes without informing superiors.

 

...

 

"It is still unclear how deep the scandal is going to reach," said analysts led by Marc Chandler at Brown Brothers Harriman & Co. "We remain bearish on Turkish assets, as we still think the political tensions could get worse before they get better."

 

...

 

At handover ceremonies Thursday morning, several of the departing ministers echoed Mr. Erdogan and decried the corruption case as a "dirty plot."

 

Outgoing Economy Minister Zafer Caglayan, with tears in his eyes, blamed his ouster on the "interest-rate lobby"—an alleged cabal of international investors, economists and journalists seeking to profit from Turkey's turbulence.

 

"We stepped on the interest-rate lobby's foot. For as long as I live, I won't step on their foot but on their veins," said Mr. Caglayan.

 

...

 

"The overall impression is that Erdogan is preparing to strike back at the Gulen movement," he said, adding that the power struggle "has the potential to affect significantly Turkey's political stability in the months ahead."

 

But, of course, none of that matters because US equities are soaring... for now

 

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Fri, 12/27/2013 - 10:46 | 4278944 ACP
ACP's picture

Taking cues from the Obama/Holder dream team, I see...

Fri, 12/27/2013 - 11:44 | 4279019 BaBaBouy
BaBaBouy's picture

GOLDman Is Surely Circling... LOOKS LIKE This Turkey Is Next To Go Down ...

Fri, 12/27/2013 - 12:20 | 4279161 franzpick
franzpick's picture

Impeach the Cox sacker...

Fri, 12/27/2013 - 10:49 | 4278952 pods
pods's picture

Hmmm, bankers at the center of more trouble.  

I am Jack's complete lack of surprise.

pods

Fri, 12/27/2013 - 10:52 | 4278956 williambanzai7
williambanzai7's picture

Hmm, interest rate lobby....

k

Fri, 12/27/2013 - 11:08 | 4278972 Dr. Engali
Dr. Engali's picture

Thank goodness behavior like that is reserved for third world nations, it couldn't happen here...... oh wait.

Fri, 12/27/2013 - 11:37 | 4279021 Cookie
Cookie's picture

Thailand in 2014 will get very ugly, military junta looking increasingly likely.

This will follow the several hundred deaths on the roads over the New Year period when carnage prevails.

Fri, 12/27/2013 - 11:08 | 4278974 youngman
youngman's picture

Is that a riot gun...or a club....??????

Fri, 12/27/2013 - 12:29 | 4279184 Canadian Dirtlump
Canadian Dirtlump's picture

I've gone to several stores asking for a club shaped exactly like a working firearm, and have promptly been arrested every time.

Fri, 12/27/2013 - 12:31 | 4279198 Arthur
Arthur's picture

Wonder if the dumbshit checked to see if there was a round in the chamber before using like a club with the barrel pointed at himself.

Fri, 12/27/2013 - 15:29 | 4279801 Overfed
Overfed's picture

Yes.

Fri, 12/27/2013 - 11:42 | 4279024 Canadian Dirtlump
Canadian Dirtlump's picture

I see the water cannon spiked with some caustic substance hadn't arrived yet, so they just needed to tenderize him for a bit. I wonder if like US / Canadian cops they scream "stop resisting" in their native tongue as they gang beat a defenseless citizen?

 

Either way, it's clear people in turkey are interested in telling erdogan to shove his "new turkey" up his ass.

Fri, 12/27/2013 - 10:52 | 4278958 Temporalist
Temporalist's picture

Look for Turkish gold import ban in 5, 4, 3...

Fri, 12/27/2013 - 11:40 | 4279027 disabledvet
disabledvet's picture

I think they already have that. Hence "all the smuggling" which obviously is tied directly to the regime. Erdogan strikes me a confused. "See enemies everywhere" but can't see who the real enemy is. Looks like an inside job...someone from his own Party...or even closer. At some point he military (that wants him dead btw) will move in.

Fri, 12/27/2013 - 12:44 | 4279223 silvermail
silvermail's picture

No, this is not an inside job in Turkey. This external work and revenge by the U.S. Federal Reserve.

These guys have a very good memory. That's the Erdogan phrase, after which he was sentenced to political death:

Turkish PM: ”The World Should Consider Switching From the Dollar to Gold”

 http://x2t.com/271502

Such things Washington does not forgive anyone.


Fri, 12/27/2013 - 10:57 | 4278960 Jason T
Jason T's picture

The spark will soon be lit on the next "sovereign debt crisis" and that's when the next great depression begins.  ..Euroland will be where the fire gets started just like back in the spring of 1931

Fri, 12/27/2013 - 10:57 | 4278963 Dr. Engali
Dr. Engali's picture

Imagine that, a government blocking a corruption probe. I'm glad we live in an open and transparent country like the U.S.S.A. You wouldn't see that shit happening here.

 

 

Edit: I think I just threw up a little bit in my mouth.

Fri, 12/27/2013 - 11:00 | 4278965 TrustWho
TrustWho's picture

Turkey's Nixon and Saturday Night Massacre moment.

If America trashes her constitution why should a tyrant care?

Fri, 12/27/2013 - 11:06 | 4278970 the not so migh...
the not so mighty maximiza's picture

its not easy being a cop, you might get a dirty boot.

Fri, 12/27/2013 - 11:07 | 4278973 youngman
youngman's picture

I hope they dont go Muslim rule....Shiria law.....that would be a loss...and I know they are close....

Fri, 12/27/2013 - 11:08 | 4278975 swmnguy
swmnguy's picture

One of my many brothers-in-law is from Turkey.  He says there are very real corruption problems in the government, but that this current corruption probe is directed by Islamists who want Sunni extremists to run the government.  He says these Islamists want to support the Al-Quaeda elements in Syria, the pipeline dreams of Qatar and Saudi Arabia, and to put Turkey at odds with Iran, Iraq and Lebanon because they are majority Shi'ite.  He grans that the corruption is an ongoing problem, but feels that now that Turkey's problems with the Kurds are finally mostly over, it's tiime for Turkey to reclaim what he feels is its rightful place as the leader of the Muslim World as a secular power, and then to fix its corruption issues (which he feels are being used as a stalking horse by Islamists to hold Turkey down to the advantage of the Gulf despotisms).

Just what he thinks.

Fri, 12/27/2013 - 11:51 | 4279053 666
666's picture

It's a good thing there is no corruption problem in the US government.

 

Wink, wink, nudge, nudge.

Fri, 12/27/2013 - 12:28 | 4279189 Arthur
Arthur's picture

this current corruption probe is directed by Islamists who want Sunni extremists to run the government.  He says these Islamists want to support the Al-Quaeda elements in Syria, the pipeline dreams of Qatar and Saudi Arabia, and to put Turkey at odds with Iran, Iraq and Lebanon because they are majority Shi'ite. 

Maybe, but why is the western press indicating that the fight is being led by a US based Turkish Cleric.  Presumably, the guy is her sanctioned by the US and has the tacit support of the us military and their friends in the Turkish military?

Fri, 12/27/2013 - 15:33 | 4279809 Overfed
Overfed's picture

The US CIA created Al-Qaeda back in the 70s, and the US still funds and supports them to this day. They are the US gov't's Emmanuel Goldstein to the people at home and their insurgent force abroad.

Fri, 12/27/2013 - 11:44 | 4279033 stinkhammer
stinkhammer's picture

fuck it dude, let's go bowling

Fri, 12/27/2013 - 11:45 | 4279043 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Let's see if the Turkish military follows Egypt's lead and rids itself of this Sharia Law loving cockroach infestation that undermines the stability that a secular government provides for all people of all faiths.

Religious based government is not a freedom based system ever because there can only be one true god and my god's dick is always bigger than yours when zealots rule the roost. There is no tolerance when you the balance of power is too uneven and concentrated into too few hands.

Fri, 12/27/2013 - 11:53 | 4279071 put_peter
put_peter's picture

And how is this different xrom what is happening anywhere else?

Fri, 12/27/2013 - 12:09 | 4279079 NuYawkFrankie
NuYawkFrankie's picture

It's not easy being Turkey -

especially at Christmas...

Fri, 12/27/2013 - 12:30 | 4279192 walküre
walküre's picture

Questions arise surrounding Erdogan's private stash of $3.3 million Euros at home as well as his business with Iranian oil. Lybia's gold is said to be held in Turkey as well. All of this allowed Turkey's economy to do very well despite the depression across the rest of the Club Med countries.

Erdogan is a thorn in the eyes of the Zionists. He is using Islam as a propaganda tool (taking a page directly from the Zionist's playbook. Big NO NO!) and has the world bamboozled with a government which is supposedly oppressing the people with Islamic rule. It's a distraction from his government's deals with the Iranians, the Lybians and the Russians. Turkey is in a pretty sweet spot economically and as long as Iran is suffering sanctions, Turkey is reaping the rewards for it's 'don't ask, don't tell (where the oil is coming from and where the money is going) policy.

Iranians are using Turkish (and Dubai) banks for their international financial transactions. There is always a loophole and there is always a winner when US/Israel, Jews, Zionists are trying to play someone against the wall. When they played Germany against the wall, the Swiss were the ultimate beneficiaries. Money will always find a way in or out!

Fri, 12/27/2013 - 12:31 | 4279197 LeisureSmith
LeisureSmith's picture

Ah, sweet sweet double cross. Erdogan is a fool for thinking he would get to keep all the riches and glory he was promised. How many insane islamists now resides in and around your country mr. Erdogan? This is a dirty game and Erdogan got played. He's probably still suffering from globalist induced delusions of grandeur. After a furious recruitment process by the clandstine sevices of the world, the War on terror 2.0 is finally on the horizon, this time with "real" terrorists. 

Fri, 12/27/2013 - 13:45 | 4279273 thefirstabomb
thefirstabomb's picture

Of course the taper doesn't help their delusions
http://dhnnews.com/uh-oh-investors-are-fleeing-turkeys-currency/

Fri, 12/27/2013 - 13:25 | 4279361 Joebloinvestor
Joebloinvestor's picture

You don't have to go to Turkey to see how fucked up it is.

Check the BBC for Barcley's news, it will make your stomach hurt.

http://www.bbc.co.uk/news/business-25525621

They should have added three zeros to the fine.

http://www.bbc.co.uk/news/business-22195913 (should be in fucking jail)

Sorry to thread jack.
Fri, 12/27/2013 - 17:21 | 4280125 Bazza McKenzie
Bazza McKenzie's picture

Who does Erdogan think he is . . . . . . Obama?

Do NOT follow this link or you will be banned from the site!