Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
For nearly half a million retail investors caught in Turkey’s worst financial storm in years, compensation has finally begun to flow. But the first cash distributions came as the fallout spread beyond Turkey’s borders: global index provider MSCI froze index changes for Turkish equities on Oct. 15 and warned of a possible downgrade, while prosecutors broadened their probes and lawmakers scrambled to pass emergency legislation.
The global umbrella of social democratic parties, Socialist International, suspended the CHP under its court-appointed leadership and admitted Özgür Özel's Yeni Party as a full member.
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.
International outrage erupted following the state-supported funeral ceremony for convicted Serb war criminal Ratko Mladic in Serbia. Critics worldwide denounced the honors as an attempt to glorify a perpetrator of genocide. Turkey joined the global backlash on Sept. 8, a day after the ceremony.
The World Trade Organization (WTO) has ruled against Turkey in a trade dispute brought by Beijing, declaring Turkish tariffs and severe import restrictions on Chinese electric and hybrid vehicles incompatible with global trade rules.
Australia has joined the Global Initiative on Information Integrity on Climate Change (GIIICC), a landmark effort to combat climate disinformation now backed by 27 countries and the European Union, while Turkey — which will host the COP31 climate summit in November — has yet to declare its position. Turkey in Depth has learned that Turkey is expected to appoint Professor Mehmet Emin Birpınar as spokesperson for COP31.
Foreign investors' confidence in Turkish equities is under mounting pressure as two of the world's leading index providers signaled Istanbul's stock market could face a downgrade. Morgan Stanley Capital International (MSCI) issued another warning regarding investment accessibility and shareholder transparency, announcing it may re-evaluate free-float structures on a company-by-company basis and reclassify certain shareholders as 'non-free float' to address distorted calculations driven by coordinated fund actions.
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.
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.
With TRIPP, the Trump Route for International Peace and Prosperity, dominating global headlines, it feels only right to turn our gaze to its Turkish near-homonym: trip atmak or trip yapmak. No, this is not another geopolitical acronym. In Turkish slang, trip is a native borrowing of English, stripped of tourist connotations and recast to mean sulky attitude. (Do watch the TikTok video for a full explanation) You can atmak (“throw”) a trip, a sudden sulk, or yapmak (“make”) one, meaning a longer, more orchestrated performance with a few dismissive or harsh words thrown in. Both have elbowed aside the more traditional surat asmak (“to pout”).
President Recep Tayyip Erdoğan has announced a comprehensive investment incentive plan, aimed at making Turkey a 'global attraction center,' but the plan drew criticism over the lack of enforcement of existing laws.
Formula 1 is returning to Istanbul Park. The engines will come back, the cameras will return, and Turn 8 will once again receive its share of global admiration.