Erdogan’s threats against Isbank risk further volatility in the Turkish banking sector. The country’s lenders are already under great strain, losing over a quarter of their value within a year. Both Erdogan and the Turkish economy would fare better if the Turkish president could keep his hands off the country’s lenders and the lenders out of his partisan polemics.
As President Trump seeks to subcontract his Syria policy to Turkey, Ankara’s treatment of U.S. nationals and FSNs is another reminder of the deep mistrust plaguing the bilateral relationship between the two countries. Lately, Erdogan appears to have released many of his European hostages and is reluctant to snatch new ones. But the Turkish president continues to double down on U.S. nationals and employees, most likely to use them as bargaining chips in his negotiations with Washington. Without a comprehensive strategy to address the Turkish strongman’s transgressions, Trump is set out for only disappointment.
In the real world, hard work and sacrifice will be required to make America great again. President Trump’s National Security Strategy left no doubt about that. The commander-in-chief, as he contemplates the next two years, would be well advised to re-read it, along with the many thoughtful recommendations provided by my colleagues in this volume.