Friday, 20/10/2017 | 6:43 UTC+0
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Erdogan’s Feud with the United States Causes Turkish Markets to Tumble Faster

Turkey and United States entered a feud after a failed coup against President Tayyip Erdogan. This feud increased when both the countries stopped issuing visas for each other’s citizens. This has accentuated the division between these countries, which are NATO members and facing odds over the raging war in Syria.

The administration under Trump stopped granting visa services to Turkish residents this Sunday. The reason stated for this halt was the arrest of a Turkish citizen working for the US consulate on 4th October who is said to be involved in putsch attempt in July 2016.

The relation between these two countries took a toss since the coup attempt failed. The administration under Erdogan blames Fethullah Gullen, who is a self-exiled cleric based in the United States, for this failure. Turkey had requested the US to extradite Gulen, but United States refused citing that there was lack of any evidence.

On Monday, Abdulhamit Gul, the Justice Minister of Turkey asked United States once again to reconsider its ban on visas and hand Gullen back to Turkey. Ever since this turmoil started between the two countries, lira has dropped by a rate of 2.2 percent to a value of 3.6965 against the value of dollar. Borsa Instanbul stocks have gone down by a rate of 3.2 percent.

The founder of Spinn Consulting in the city of Istanbul, Ozlem Derici said that if the fight of Turkey against United States continues, the risks that the country is facing at the moment will not decrease with the deployment of various policies.

With the ban of Turkish visas, Turkey is facing the same plight as Yemen, Venezuela, Syria, North Korea, Libya, Iran and Chad. All these territories have been facing travel restrictions, which have been imposed by the US because of concerns over terrorism.

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