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Turkish markets rise as prime minister calls for early elections

Turkish markets rise as prime minister calls for early elections

Turkish markets rose Wednesday after Prime Minister Recep Tayyip Erdogan called for early elections in a bid to defuse rising tensions between his Islamic-rooted ruling party and the military-backed, secular opposition.
The benchmark IMKB-100 stock market index closed 1.67 percent higher at 44,256.13. The index fell 6.3 percent on Monday and another 3.2 percent on Tuesday, signaling investor concerns about the increasingly uncertain political situation.
The lira rose slightly against the U.S. dollar to 1.35 on Wednesday, from 1.37 a day earlier. The Turkish currency was at 1.33 before the tensions on Friday.
Financial analysts said they viewed the call for early elections as a way out of a situation that has pitted the ruling party in a bitter power struggle with the secular establishment, raising fears that the military could intervene.
Critics accuse the government of having a hidden Islamist agenda, which Erdogan and his party deny.
Erdogan said elections could happen as soon as June 24.


Updated : 2021-03-08 10:00 GMT+08:00