Turks beset for years by soaring inflation and currency crashes will soon decide whether to forge ahead with President Tayyip Erdogan's vision of a heavily-managed economy, or ditch it for a painful return to liberal orthodoxy
"Erdogan is offering one package after another", which will put "significant pressure" on the public purse, said Galip Dalay, associate fellow at Chatham House in London. "But if he loses the election that will be someone else's problem."
Credit ratings from Moody's and Fitch have slid from investment-grade in 2016 to "junk" - on a par with Bolivia and Cameroon.Investors say Turkey's free-market model began metamorphosing around 2017 when it adopted an executive presidential system concentrating power in Erdogan's hands. Foreigners have slashed holdings of Turkish government bonds to less than 1% from 20% in 2017 and now own just 30% of the equity market, compared to 65% a few years ago.
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