Some leaders – together with among the world’s most skilled – nonetheless haven’t understood that political maneuvering and intimidation virtually at all times degenerate into macroeconomic disasters. What was initially simply meant to sideline a political opponent instantly become investor panic and a monetary hemorrhage. A textbook case of methodically and intentionally destroy what little belief remained in a Turkey whose desert crossing now appears limitless.

The masterstroke got here with the arrest, on March nineteenth, of the Mayor of Istanbul – the frontrunner for the upcoming Turkish presidential elections – on a grave cost that might disqualify a lot of our French political leaders. He was accused, with out proof, of “irregularities” relating to his 1990 diploma from the American College of Girne (Northern Cyprus). The College of Istanbul promptly responded by revoking the equivalency of his diploma, which made him de facto ineligible for the presidency, because the Turkish Structure requires presidential candidates to carry a college diploma. As of July 2025, an extra accusation alleges that Mr. İmamoğlu falsified his college diploma, making him accountable for jail time on costs of “forgery of official paperwork.”

That March nineteenth set off a historic chain response, triggered by irrational manipulations carried out by a ruling energy that values ego over the financial and monetary stability of the nation. This was not about reforms – nevertheless controversial – however a few destruction of confidence that value the Central Financial institution USD 90 billion. The financial institution has practically depleted its reserves in an try and defend in opposition to the uncontrollable collapse of its foreign money, which that day alone plummeted by 12 %! In a worldwide context the place most central banks are slicing charges to stimulate their economies, Turkey as soon as once more stood out by being compelled to lift its benchmark rate of interest to 46 % to include the tsunami unleashed on March nineteenth – the day a presidential candidate was disqualified over a diploma.

The state of affairs could be laughable if it weren’t so critical for the folks of a rustic rendered utterly dysfunctional, subsequent to which even Argentina appears to be like sober. The management reveals no concern for the flatline of international funding or the financial bleeding, as a result of staying in energy is all that issues. Its survival comes earlier than prosperity and earlier than any bailout which may carry desperately wanted liquidity to its folks. The Turkish lira, which simply 10 years in the past was under two to the greenback, and under 5 seven years in the past, has now plummeted to 40. The value of a liter of gasoline has risen from 1.48 lira in 2002 to 53 lira in the present day. Inflation stands at 49 %, doubtless underestimated because the authorities controls 85 % of the nationwide media.

Was there a specific message the nation’s leaders wished to ship to the markets via this arrest?

Completely: that stability is optionally available – authority shouldn’t be.

Welcome to Turkish governance.

For extra on the writer, Michel Santi and his unique opinion items, go to his web site right here: michelsanti.fr

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