Turkey's president says country will defy economic threats

US dollar banknotes are seen in this

ANKARA, Turkey A detained American pastor has become a symbol of a growing rift between Turkey and the United States, but problems in the Cold War-era alliance as well as Turkey's own financial crisis are unlikely to dissipate even if he is released and Washington eases economic penalties.

The Turkish lira fell again on Friday, breaking a three-day quiet spell in the country currency crisis, after the USA threatened to impose new sanctions on the North Atlantic Treaty Organisation country.

Brunson, 50, was indicted by a Turkish court on charges of having links with the Kurdistan Workers' Party (PKK) militant group and the movement of the US-based opposition cleric Fethullah Gulen, whom Ankara accuses of having masterminded the July 2016 coup attempt against Erdogan.

"There has been no improvement in relations with the USA and additional sanctions may be on the horizon", said William Jackson of Capital Economics in a note to clients, adding that the lira could see a downward trend in 2019 and beyond. Gulen has denied the charges, and the USA has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.

An Istanbul court on Wednesday allowed the release of Amnesty International s Turkey chair Taner Kilic, who spent more than a year in jail over alleged links to a 2016 coup bid.

Turkey's state-run Anadolu news agency said a high court in Izmir had upheld a lower court's decision earlier this week to keep Mr Brunson under house arrest.

"We did not and will not surrender to those who act like a strategic partner but make us a strategic target", Erdogan said, in a reference to the United States.

The US has already imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminium imports.

Ankara has retaliated by steeply hiking tariffs on some US products.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades.

"Today some people are trying to threaten us through the economy, through interest rates, foreign exchange, investment and inflation".

"Do you think the lira will gain against the dollar if Brunson is released?" Turkey's dollar bonds fell, while the cost of insuring exposure to Turkish debt rose.

It has lost almost 40 per cent of its value against the greenback this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan's influence over monetary policy.

"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. Erdogan previously suggested a swap in which Brunson is released in exchange for Gulen, though USA officials have said Turkey must present convincing evidence for any extradition proceeding to be considered.

Mr Trump wrote in a tweet late on Thursday: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

"A one-dollar American bill was found in Dr. Golge's possession when arrested". He is facing terrorism and espionage related charges that USA officials say are frivolous.

The fight between Turkey and the US has escalated in recent weeks, with Brunson's detainment as a flashpoint.

Related News:

  • Aretha Franklin to Have an Open Casket Public Viewing at Detroit Museum

    Aretha Franklin to Have an Open Casket Public Viewing at Detroit Museum

    Wearing a glittery black blazer and long ponytail, Ariana showcased her powerful pipes while belting out Franklin's 1967 classic. Turman and Franklin were married in 1978, but split a few years later in 1982.
    We are here without a negative bone, says Shastri

    We are here without a negative bone, says Shastri

    These are just things that are created on the outside and people like to make a lot of nothing. That appears unlikely - India have already ditched one opener, Shikhar Dhawan, this series.
    Trump connects Russian Federation  probe, action on Brennan

    Trump connects Russian Federation probe, action on Brennan

    The White House later issued a revised statement with that date removed. " John (Brennan ) already has been". McRaven oversaw the 2011 Navy SEAL raid in Pakistan that killed al-Qaeda leader Osama bin Laden .
  • Snedeker's round of 59 is Ryder Cup pointer

    Snedeker's round of 59 is Ryder Cup pointer

    Ryder Cup captain Jim Furyk holds the record for the lowest score on the PGA Tour with a 58 in the Travelers Championship in 2016. Webb finished third in this tournament previous year and has five top-10 finishes in the Wyndham Championship since 2010.
    106 people die following floods in India's Kerala state

    106 people die following floods in India's Kerala state

    Services on the Kochi Metro were halted for a few hours as water levels rose in the Muttam yard, before resuming in the evening. Heavy rains forced state authorities to release excess water from dozens of reservoirs, causing floods downstream.
    How Chelsea could line up against Arsenal

    How Chelsea could line up against Arsenal

    One problem area for Emery may be solved by the return of Nacho Monreal at left-back. You shouldn't change your mentality if you lose the first game.
  • Manchester City's Kevin De Bruyne facing three months on sidelines

    Manchester City's Kevin De Bruyne facing three months on sidelines

    City are a really good side, great manager, some great players, a way of playing that they all know about. It's a tough season, short recovery, they say let's go and we are in the competition.
    Manafort's defense rests after calling no witnesses

    Manafort's defense rests after calling no witnesses

    Longtime Manafort deputy Rick Gates said he teamed up with his former boss to commit crimes meant to protect Manafort's finances. Manafort's defense team previewed the case it is expected to launch Tuesday, by blaming the financial irregularities on Gates.

    Dozens Overdose In Connecticut Park On Tainted Synthetic Marijuana

    The police chief says they firmly believe the person in custody is responsible for at least some of the overdoses. More than 70 people fell ill from suspected drug overdoses on the green and were taken to local hospitals.
  • New York University makes tuition free for all medical students

    New York University makes tuition free for all medical students

    All students enrolled in the MD degree program are eligible, regardless of their financial need or academic performance. New York University announced Thursday it is offering free tuition for all current and future medical students.
    Liverpool's Ragnar Klavan set for £2m Cagliari move

    Liverpool's Ragnar Klavan set for £2m Cagliari move

    At times it is going to be hard to unsettle back fours and actually get in behind them but he creates space for others. Liverpool centre-back Ragnar Klavan is close to joining Serie A side Cagliari in a £2m deal.
    Please Don't Download Fortnite for Android From Sketchy Places

    Please Don't Download Fortnite for Android From Sketchy Places

    Lure husks into traps and control areas when things get critical! Check out the full details for the new update here. The new weapon is the Heavy Sniper Rifle , which deals massive damage to people, and even more damage to structures.


Most liked

Singer Aretha Franklin Dies After Losing Battle To Pancreatic Cancer
Other hits include "Day Dreaming" (1972), "Jump to It" (1982), "Freeway of Love" (1985), and "A Rose Is Still A Rose" (1998). Franklin had been battling various undisclosed illnesses for years , and, in recent weeks, was receiving hospice care.

Pastor Brunson appeal for house arrest release rejected by Turkish court
He asked Mnuchin for an update on sanctions punishing Turkey for pastor Andrew Brunson's detention. Its leader lives in Pennsylvania and the US has rejected calls from Turkey to have him extradited.

Kvitova sees off Serena in Cincinnati classic
Johnson saved eight match points but Djokovic was not to be denied a second-round meeting with Adriano Mannarino. Serena Williams , meanwhile, went down against Petra Kvitova in a 6-3, 2-6, 6-3 second-round loss.

Trump vows to yank security clearance for DOJ's Bruce Ohr
Trump has tweeted about to highlight his assertions of political bias behind the Russian Federation investigation. Brennan has drawn President Trump's ire for his vocal criticism of the President and his policies.