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In light of a stinging graft probe in the Republic of Turkey, three governmental ministers have resigned. Today the most recent politician to hold that honorable office of Prime Minister, Recep Tayyip Erdogan, is urged to follow suit.
“Former Environment Minister Ordogan Bayraktar was the third minister to resign over graft allegations,” and he commented that his work had the prime minister’s blessing. “I believe the prime minister should also resign to relieve the nation,” Bayraktar said. But the prime minister made a comeback speech, and “defended his party’s record” as well as making the statement that corruption won’t be tolerated.”
In emerging markets graft can definitely be an issue, and at different points in their economic life cycles, countries face these problems and handle them with differing levels of success along the path of their development.
The situation in Turkey was of investigations that suspected bribery, money laundering, and possible gold smuggling. As a result of the upheaving political relationships, the lira weakened by .2 percent and the Borsa Istanbul 100 Index fell by 3.6 percent. According to Bloomberg, “the national currency and equity index both reversed earlier gains after Bayraktar’s resignation was announced.” Prime minister Erdogan noted that this situation was an “ugly conspiracy,” and that his party has a “tough stance on corruption.”
Image Credit: Bloomberg
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