Turkey: after the “interest rate lobby”, Erdogan turns on credit cards | beyondbrics

Turkey: after the “interest rate lobby”, Erdogan turns on credit cards | beyondbrics:

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Listen to recent speeches by Turkish prime minister Recep Tayyip Erdogan and one thing becomes immediately apparent: he is not short of opponents. Or rather, his perception is that he is not short of opponents, and he’s equally unafraid of naming them.

Having spent much of the past six weeks blaming the international media, international plots and the mysterious and previously unknown “international interest rate lobby” for the widespread anti-government demonstrations over the past six weeks, he has now chosen to target Turkey’s own domestic credit sector.

Erdogan launched a ferocious diatribe against the credit cards issued by Turkey’s own domestic banks and used voluntarily by much of the country’s estimated 76m population, specifically, criticising both the high charges which banks levy for the use of cards and the interest rates charged on debts incurred."

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