Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
The crisis in Turkey’s Ponzi-style fund industry is heading for deadlock as the government refuses to disclose the 141 people and 73 companies that each made more than 100 million liras in unjust gains despite opposition demands for transparency.
More than a month after the fund collapse occurred, the shockwaves continue to rock the stock market. The crisis wiped out trillions of liras in corporate market capitalization and drove key valuation metrics to multi-year lows in Borsa Istanbul.
In one of the country’s largest financial scandals, payments to victimized fund investors began and priority will be given to small investors, according to statements from officials.
The Borsa Istanbul’s benchmark BIST 100 index entered a technical bear market at the end of September, marking its worst monthly performance since the 2008 global financial crisis.
The government is preparing comprehensive reforms across its financial regulatory bodies following the massive investment fund crisis that shook domestic markets.
Speculation is growing that the long-delayed crackdown on the fund crisis is tied to a power struggle in the AKP that includes Justice Minister Akın Gürlek and Foreign Minister Hakan Fidan.
For over a week, a single issue was on Turkey’s agenda: What happened to the money in the funds? Finance Minister Mehmet Şimşek, who had stayed silent on the crisis since it began and faced growing speculation that he would be fired, broke his silence on Sept. 24 to deny that he was leaving.
The central bank and other regulator bodies stepped in to stabilize financial markets after alleged market manipulation, fraud and fund mismanagement sparked a major equity sell-off and corporate defaults.
Since the court voided the CHP's 2023 party congress, the main opposition has been unable to untangle the knot — and each new court decision pulls it tighter. The question is whether the party can hold an extraordinary congress to break the deadlock. But the forces shaping what comes next run deeper: when and how the CHP headquarters under Kemal Kılıçdaroğlu, 77, will move to press disciplinary charges, expelling some figures; whether the parliamentary immunity of ousted chair Özgür Özel, 51, and his allies — implicated by recent testimonies from Antalya and Uşak — will be lifted; and when a new party will be established.
As the war between the US-Israel and Iran disrupts global energy routes, Turkey is trying to transform the regional crisis into an opportunity to offer security of supplies.
Adapted from the novel of the same name by Orhan Pamuk. “The Museum of Innocence.” A television series. With its release, months later, the public agenda shifted. Justice, legal troubles, and the deepening, ever more painful economic crisis were suddenly pushed aside. This series — along with the book of the same name and its author, Orhan Pamuk — took center stage, especially on social media.
After the deplorable treatment of Zelenskyy at the hands of Trump and Vance in the Oval Office, there is no question that the world, especially Europe, is at a critical threshold. If a brave new Europe is to emerge out of this crisis, every stakeholder must play their part. How President Erdoğan assumes his responsibilities will be of crucial importance for Turkey. By Hakan Okçal