Turkey: Erdogan wins, more devaluation and economic crisis likely on the way

  • Erdogan's victory in 2nd round presidential election is unsurprising, with 52% of votes after 99% of ballot boxes opened

  • No hint of reversion to orthodox economic policy prior to election: instead a run-down to negative net foreign reserves

  • Not clear that even GCC assistance could or will plug the hole; so, more devaluation and crisis on the way

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