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Speaking after a Nov. 20 Cabinet meeting, government spokesman Bekir Bozdag described the case as "a clear plot against Turkey" that lacked a legal basis and is aimed to harm Turkey's ties with Iran and Russia.
The Turkish central bank is also under fire for the country's economic woes. On Nov. 17, President Recep Tayyip Erdogan claimed that the problems of rising inflation and high interest rates remained unresolved because those in charge were employing a "Western mentality" in their solution efforts and were thus "serving the interest-rate lobby." Lashing out directly at the central bank, he said, "The central bank's [forecasts] have been off the mark. They say, 'The central bank is independent, so don't interfere.' It is coming to this point because we are not intervening."
Erdogan and Bozdag's remarks stoked a sense of insecurity at the markets. The Turkish lira tumbled to a record low and interest rates rose further. The price of the dollar hit 3.97 liras, while those of the euro and the British pound exceeded 4.5 liras and 5 liras, respectively.
The Turkish economy's growing fragility is fueling the flight of foreign investors from the country. Central bank data shows that the amount of fleeing funds has reached $1 billion per week.
Comment: Money talks and money walks. It would not be above the US/EU to exercise their economic influence in a negative way. Given that, Erdogan has a knack of not doing his country any favors.