Turkey Stocks Slump With Lira as Minister Urges Erdogan to Quit - Bloomberg

Turkey Stocks Slump With Lira as Minister Urges Erdogan to Quit - Bloomberg:

"Turkey’s stock index slid to the lowest in four months and the lira fell after a third minister implicated in a corruption probe resigned, saying Prime Minister Recep Tayyip Erdogan was responsible and should quit.

The Borsa Istanbul 100 Index fell 4.2 percent to 66,096.57 at the close in Istanbul, the lowest level since Aug. 28. The currency weakened 0.4 percent to 2.0861 per dollar at 5:40 p.m., after gaining as much as 0.7 percent earlier. The 10-year bond yield rose one basis points, or 0.01 percentage point, to 10.05 percent.

Environment and Urban Works Minister Erdogan Bayraktar said in an interview with NTV television that Erdogan should step down as well because all of his actions were done with the prime minister’s approval. Economy Minister Zafer Caglayan quit earlier today after police detained his son on Dec. 17 in probes into bribery, money laundering, corruption in government tenders and gold smuggling, his office said in a statement. Interior Minister Muammer Guler, whose son was jailed too, also resigned, NTV said. Bayraktar’s son was also detained, then released in the investigation."

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