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Turkish assets fall as Twitter ban raises political tension

21
Mar
2014

By Seda Sezer and Dasha Afanasieva ISTANBUL (Reuters) – Turkish assets dropped on Friday after Turkeys courts blocked access to Twitter, unnerving investors and raising uncertainty just days before local elections. In the aftermath of the launch of a corruption probe, social media platforms in Turkey have been awash with alleged evidence of government wrongdoing in what Prime Minister Tayyip Erdogan has cast as a plot to unseat him before municipal polls on March 30. It remains to be seen whether (the ruling) AK Party will benefit or suffer from the Twitter ban in the upcoming elections, said Inan Demir, chief economist at Finansbank. However, from a purely markets perspective, the whimsical/erratic attitude of the government can only add to Turkeys risk premium. Investors have reacted cautiously to the allegations.

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