The confluence of bad news items has thrown the Turkish economy into a tailspin. Once the darling of Wall Street and a model for emerging markets, Turkey is now in the economic doldrums. Since the world downturn in 2008 Turkey has been faltering. The miracle of economic prosperity from 2002 to 2003 attributed to Premier Erdogan, now seems like a chimera.
The dreams of Recep Tayyip Erdogan, Prime Minister of Turkey, for the recrudescence of the Ottoman Empire are evaporating under the Istanbul sky. His party The Justice and Development party (AKP), is in disarray; a major corruption and bribery scandal has led to accusations about cabinet members and their families. The investigation prompted Erdogan to say “The judiciary will pay.”