Erdogan threatens to conduct 'operation' against Moody's

Politics 6/14/2018, 11:57 AM
Erdogan threatens to conduct 'operation' against Moody's

Turkish President Recep Tayyip Erdogan threatened to carry out an "operation" against credit rating agency Moody's, just two weeks after it initiated a downgrade review process for the country, Anadolu Agency reported on Thursday. Erdogan specified that the action against Moody's will take place after the Turkish general election scheduled for June 24.
"God willing, we will conduct an operation against Moody’s after June 24. Moody’s is making unnecessary statements despite the fact that we are not a member of it. What a shame," Erdogan stated.

Earlier, Moody's explained that the decision to place Turkey on review was motivated by its "expectation that the recent erosion in investor confidence in Turkey will continue if not addressed through credible policy actions following the June elections." The agency also criticized the credibility of Turkey's institutions, which "has been undermined by the ineffectiveness of monetary policy, in part reflecting political interference in the policymaking process." Meanwhile, another major credit rating agency, Fitch also warned last month that the Turkish monetary policy is seriously constrained by political influences, which could erode the independence of its central bank.

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