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Much money for less democracy

Turkey
02.08.2016
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Minister: Coup cost Turkey 100 billion dollars
The failed coup of July 15 has cost Turkey at least 300 billion lira (99.9 billion dollars) in damages, Customs and Trade Minister Bulent Tufenkci was quoted as saying in Hurriyet daily on Tuesday.
GALLERY
Istanbul (dpa) - The damages include destroyed buildings, military equipment, decline in orders abroad for goods and a drop in tourism, he told a gathering of Turkish reporters in Ankara.
Supporters of Recep Tayyip Erdogan shout slogans at the Taksim Square in Istanbul, Turkey, 16 July 2016. Turkish Prime Minister Yildirim reportedly said that the Turkish military was involved in an attempted coup detat.

The coup plotters had tried to create an image that Turkey is a "third world country," the minister said, noting photos of tanks on the streets during the night of the putsch attempt.

However, he also noted resilience in the local economy, including the quick reopening of the stock exchange.

The lira has also recovered some of its loses. During the peak of concern over the coup, the lira had dropped from about 2.87 to the dollar to 3.09. It is now trading at just below 3 to the dollar.

Standard and Poor‘s rating agency downgraded Turkey after the coup, citing concerns not only over the economy itself but also checks and balances.

Turkey is currently in the middle of a 90-day state of emergency.

 

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