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International Business Times
International Business Times
Business

Crackdown On Opposition Tips Turkey Into Financial Turbulence

Chaos after Istanbul mayor Ekrem Imamoglu's arrest has battered the Turkish lira (Credit: AFP)

The arrest of Turkish President Recep Tayyip Erdogan's leading political opponent has sparked a financial firestorm and thrust the hardline leader's economic policies under scrutiny.

The stock market has plunged, the lira has plummeted and economists warn the ensuing panic will drive Turkey's sharp inflation rate back up just as it had started to rein it in.

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