President Erdogan: US has dollars, 'we have our God'

Erdogan says attempts to exert economic pressure on Turkey futile

Turkey's currency nosedives on economic concerns, US dispute

The Turkish Lira briefly tumbled to a fresh low near 6.5 per dollar on August 10, as a deepening rift with the United States and intensifying worries about the state of the economy dragged on the currency again.

Bank shares across the continent fell and the euro slipped to its lowest since July 2017 as the Financial Times quoted sources as saying the European Central Bank was concerned about European lenders' exposure to Turkey.

A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and US government bonds. "While they have dollars, we have our people, law and Allah", the Turkish leader said addressing citizens in the Black Sea city of Rize. We are working hard.

"We will not lose the economic war", Erdoğan said, calling on Turks to support their struggling currency.

Turkey will adopt a new economic approach under its executive presidency, one that will be decisive, sustainable and based on a "strategic mentality", Treasury and Finance Minister Berat Albayrak said on Friday.

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TRY now comes under pressure once again after the press conference by President Erdogan is failing to ignite some interest around the currency, all amidst a "radio silence" from the Turkish central bank (CBRT). He has presented an economic action plan for the next 100 days.

A new analysis by Berenberg Bank sees little long-term impact of high Turkish inflation and low interest rates on eurozone gross domestic product (GDP) growth.

"Know this: We are better than yesterday, we will be even better tomorrow".

Furthermore, the bank sees hope in other recent crises, like the attempted coup in 2016. Once any crisis was over, the bank expects exports to recover quickly.

Korkut Boratav is more concerned and thinks an intervention by the International Monetary Fund is the only way to save the European banks. "This is one of the most important principles of the free market economy - if you lend money, you take a risk and must accept the losses".

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