Turkey’s president says country will defy economic threats

Turkey’s president says country will defy economic threats

"We'll see what happens".

Only hours after a Turkish court rejected an appeal on Friday for the release of a USA pastor from house arrest, President Donald Trump said Ankara had acted "very, very badly" in the case and the United States was "not going to take it sitting down".

Earlier this month, the Trump administration announced sanctions against Turkish leaders.

Mr Erdogan, a self-described "enemy of interest rates", wants to lower borrowing costs despite high inflation.

"There was considerable risk aversion through the early part of the week with fears of Turkish contagion weighing on risk assets and that seems to have reversed somewhat here", said Karl Schamotta, a strategist at Cambridge Global Payments in Toronto.

"They made up this phony charge that he is a spy, and he is not a spy", Trump told reporters. "He's not a spy". "You are trading a strategic North Atlantic Treaty Organisation ally for a priest". "And Turkey has in my opinion acted very very badly".

Over 160,000 people, including some Americans, have been detained after the government charged them with helping orchestrate the same coup, according to the UN.

Turkish diplomats are reportedly close to releasing an imprisoned American pastor who is at the center of a diplomatic crisis between Turkey and the US.

The embattled lira fell three percent yesterday after a Turkish court rejected a U.S. pastor's appeal for release, drawing a stiff rebuke from Mr Trump, who warned the United States would not take the detention of Andrew Brunson "sitting down".

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The Turkish president emphasized Turkey's determination to eliminate all threats from Syria and Iraq.

Also worrying investors has been President Recep Tayyip Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should. "The Europeans will maintain the existing objections to certain Erdogan policies and continue to voice their concerns, but that won't stop them from developing pragmatic cooperation with Turkey", he said.

Erdogan has remained defiant, urging Turks to sell their gold and dollars for lira.

Erdogan has recently held talks with French President Emmanuel Macron and German Chancellor Angela Merkel.

Brunson, who attended Wheaton College, has lived in Turkey for more than two decades as pastor of a small local church.

Turkish diplomats are reportedly close to releasing a United States pastor at the center of a diplomatic spat between Turkey and the US.

"We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" he said in a tweet Friday.

The White House stance appeared to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges and whose case Turkish officials have said was a matter for the courts.

Information for this article was contributed by Alyza Sebenius and Toluse Olorunnipa of Bloomberg News; and by Suzan Fraser and Christopher Torchia of The Associated Press.

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