Turkey’s Markets Prepare for Political Backlash

Imagine you’re a president presiding over inflation that peaked at 85% late last year. Then you have the worst earthquake in modern history, with the death toll topping 40,000. And you’re up for re-election in a few months.

This is the situation faced by veteran Turkish leader Recep Erdogan. “If this were a normal country, Erdogan would be done,” concludes Matt Gertken, geopolitical strategist at BCA Research.