Qatar to make direct investment of $15B in Turkey

Roman Schwartz
August 17, 2018

A lower court earlier on Wednesday turned down his lawyer's request to free him, and the USA - which rejects Turkey's accusations - has said it won't negotiate until he's released.

"We got somebody out for him", Trump said.

Moves by the central bank to ensure Turkish banks have liquidity and a planned conference call by Turkish Finance Minister Berat Albayrak, who is Erdogan´s son-in-law on Thursday have gone some way to giving reassurance to investors.

Turkey has increased tariffs on some U.S. imports, including cars, alcohol and tobacco, as the diplomatic row between Ankara and Washington escalates. "They have a great Christian pastor there". On Aug. 14, he said Turkey would boycott us electronic products.

Turkey on Wednesday raised tariffs on a number products imported from the United States, including passenger cars, tobacco and spirits, retaliating for President Trump's decision last week to double tariffs on Turkish metals.

Mr Erdogan has accused the USA of trying to "bring Turkey to its knees through threats over a pastor".

"Qatar has pledged $15 billion of direct investments in Turkey", presidential spokesman Kalin wrote on Twitter afterwards. Brunson, who Turkish officials say had links to a failed 2016 coup, is being held under house arrest.

Lira's downward spiral has increased the already-high inflation in Turkey, which is nearing 16 percent.

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But support from Qatar and Germany can't fix Erdogan's problems, and the USA has signaled it's unfazed by Erdogan's retaliations.

The White House said Wednesday that the United States "won't forget" how Turkey treated Andrew Brunson, the detained American pastor, after a court rejected his appeal for release.

Meanwhile Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday that Ankara is ready to discuss its ongoing issues with the United States as long as there are no threats.

"We are targeting lowering inflation into the single digits as soon as possible", stated the minister, emphasizing that structural reforms would be a priority. President Recep Tayyip Erdogan, who has accused the United States of bullying behavior and economic sabotage, vowed on Tuesday to boycott USA -made electronic goods, including Apple's signature iPhone.

The minister added that his country has now no plans to go to the International Monetary Fund (IMF) for help.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy.

The bail-out followed talks in Ankara between the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, and Turkey's President Recep Tayyip Erdogan.

"Trade wars help no one, but Turkey will do what is necessary to protect our industries and economy from assault", Pekcan said. "The pressure is going to keep up if we're not seeing results".

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