Most Turks still refuse to heed the repeated calls of Turkish president Recep Tayyip Erdogan they bail him out of the economic crash he caused by converting their foreign-exchange and gold into lira to prop up the fast-falling Turkish currency.
The refusal was palpable among all strata of Turkish society, from ordinary wage earners to entrepreneurs to big businessmen who hit it big under Erdogan's regime of low- interest rates.
Financial experts are astounded by the public's overwhelming refusal to back this appeal, which was first made by Erdogan in December 2016. Evidence of this can be seen in the lira's relentless loss of value since the beginning of the year. These experts noted that Turks who obeyed similar pleas from Erdogan in the past lost a lot of money.
Many citizens were also put off by Erdogan's failure to back his lira demands with any policy action that would have compensated them for their patriotism. Another reason is the lira is a loser.
Turkey's currency remains the worlds worst and has lost about half its value against the dollar and Euro. The lira depreciated by 14.6 percent against the dollar on Aug. 10, and heavier losses are expected this week.
One citizen complained to the media that he lost about one million liras, which is now worth a measly $155,000 compared to $340,000 in mid-2016. He believes Turkey is heading for a crisis even worse than the previous one.
Another citizen said that while he respects Erdogan, he can't sell his gold and foreign currency just because Erdogan made that call. "I've cut down on food for those savings," said this man.
One citizen said that while he respects Erdogan, he can't sell his gold and foreign currency just because Erdogan made that call. "I've cut down on food for those savings," said this man.
The diplomatic row with the United States over American imprisoned by Erdogan worsened last week with the Americans doubling their tariffs by imposing a 20 percent duty on Turkish aluminum and 50 percent on Turkish steel. That punitive measure played a role in the lira's plunge last week.
The lira's plunge now threatens Turkey's ailing financial system. The embattled lira, which has lost more than 35 percent of its value this year after shedding nearly 25 percent in 2017, last week lost about 14.6 percent -- its biggest one-day drop since early 2001.
