Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
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.
Selling pressure intensified on Istanbul’s stock exchange today following a court ruling of "absolute nullity" regarding the main opposition CHP congress. The benchmark BIST 100 index plunged over 6%, triggering a market-wide circuit breaker. The banking index took an even heavier hit, dropping more than 8% to close at 13,163 points.
The Istanbul Municipality corruption trial reached its 19th hearing session this week, bringing some of the most dramatic courtroom scenes since proceedings began. Ekrem İmamoğlu, the CHP's presidential candidate and Istanbul's jailed mayor, set the tone for the week. Describing the indictment as "not just garbage but rotten garbage rotting inside garbage," he told the court the case had already collapsed at its foundations: "If the alleged leader of the organization does not even know the alleged members, the whole thing collapses from the start."
"This political case will collapse," Istanbul Mayor and the CHP's presidential candidate Ekrem İmamoğlu declared repeatedly while delivering the last remarks on the 15th session of the corruption hearing. The courtroom was again full like the first days of the hearing as many were expecting a court ruling on release of several defendants. Only 18 of those under pre-trial detention were released, according to the midnight interim ruling. As expected, İmamoğlu’s executive assistant Kadriye Kasapoğlu and low profile figures like the drivers or workers were released but former CHP MP Aykut Erdoğdu was not on the list.
This year’s Munich Security Conference (MSC) held lively discussions on the global security environment, especially in Europe, and the collapse of the rules-based international order. Strained transatlantic relations, the Ukrainian War, and Iran, all burning matters for Turkey, were on the agenda. Figures such as Marco Rubio, Friedrich Merz, Emmanuel Macron, and Volodymyr Zelenskyy reached global audiences from the MSC. Turkey was not heard.
Is cooperation among nationalist parties possible? What are the prospects and obstacles? Turkish politics has been polarized into two main blocs since the transition to the presidential system: the AKP on one side and the CHP on the other. While the AKP kept parties like the MHP, BBP, and HÜDA-Par in its orbit, the CHP advanced by forging open or tacit alliances with the DEM Party and İYİ Party. But this opposition front collapsed after the defeat in the 2023 elections.
Economic hardship has long been measured through the humble simit -— the sesame-covered circular bread sometimes called the Turkish bagel. Now the ruling AKP is being accused of shrinking even that symbol. Once used by President Recep Tayyip Erdoğan to show that a family could not afford a single simit and tea with the minimum wage, the calculation has taken a new turn: a simit divided into three.
The opening line of the anthem of Mülkiye, the prestigious Political Science Faculty of Ankara University, declares a single mission: we exist so that the state does not collapse, so that the country does not cry. The “we” here is not a party or a leader’s entourage. It is a cadre trained to answer to something longer than a parliamentary term.
The collapse of the half-century-long Assad dynasty following the flight of Bashar Assad to Russia on Dec. 8, 2024 overjoyed pro-government circles here. Some even started to mention Aleppo as Turkey’s 82nd province, while the shares of cement and construction companies surged on the stock exchange.
The Public Servants Arbitration Board has finalized wage hikes for 6.5 million civil servants and retirees, setting raises far below inflation and poverty thresholds after collective bargaining collapsed.