Trump attacks Turkey, vows to pay 'nothing' for USA pastor's release

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Security remains tight outside the building in Turkey where Brunson is being held.

Turkish officials say they want to engage the European Union and Erdogan held a phone called with German Chancellor Angela Merkel this week and was to set to speak to French President Emmanuel Macron on Thursday.

The lira crisis therefore - at the very least - reflects the political and economic turmoil taking place in Turkey. Albayrak also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas.

"We suspect that there are diminishing marginal returns to additional technical measures so long as they are not accompanied by a fundamentally-oriented policy package". After Turkey shot down a Russian warplane it said had strayed into Turkish airspace, Erdogan staged a show of defiance against Putin's threats. However, it was still down 34 percent in 2018.

"With inflation expected to skyrocket in the coming months, a current account deficit that exceeds $50 billion and more than $16 billion of debt maturing in 2019, investors fear that the currency crisis will turn into a debt crisis".

While Evangelists in the United States consider Trump's efforts to release Brunson as support for religious freedom, the article argued Trump was trying to use this issue to secure success during the November 7 midterm elections.

That move was followed by an announcement by Trump last week that the United States was doubling tariffs on imported Turkish metals.

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Erdogan responded on Tuesday by announcing a boycott of American electronics after Trump's decision to hike tariffs.

The Trump administration has already sanctioned two Turkish leaders over the pastor's imprisonment.

He says the US will pay nothing for his return, because he is innocent and indicated the pressure on Turkey will continue. He has been held in Turkey for two years and accused by local prosecutors of "terrorist" ties to the Islamist Gulen movement, which has been blamed for a failed coup in July 2016. Unlike many other news organizations, we have not put up a paywall.

Whatever action the United States does take, economists said it looked likely to cause more pain for Turkish assets in the immediate future. "I don't know what the breaking point is".

The conflict between North Atlantic Treaty Organisation allies is even more personalized because of U.S. President Donald Trump and Turkish President Recep Tayyip Erdogan, whose uncompromising statements contribute to a sense that the tension will ratchet up before any possibility of a climbdown.

She explained to The Media Line that Turkey's economic growth under Erdogan was partly predicated on the fact that investors viewed him as a stabilizing force. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott US electronic goods.

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