Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 27 December 2013 [View all]Ghost Dog
(16,881 posts)ANKARA/ISTANBUL Fri Dec 27, 2013 11:21am EST (Reuters) - A Turkish court on Friday blocked a government attempt to force police to disclose investigations to their superiors, setting back Prime Minister Tayyip Erdogan's efforts to contain the fallout from a high-level corruption scandal.
Police on December 17 detained dozens of people, among them the sons of the interior minister and two other cabinet members, after a major graft probe that was kept secret from commanders who might have informed the government in advance.
The regulation that would have forced police officers to inform their superiors about investigations was announced overnight by the government, angered at having been kept in the dark about the year-long corruption probe.
The crisis is unprecedented in Erdogan's three terms of office, triggering the ministers' resignations and then a reshuffle, as well as destabilizing a Turkish economy whose rapid growth has been a showpiece of Erdogan's 11-year rule.
The lira hit a record low, stocks were at their weakest in 17 months and the cost of insuring the country's debt against default jumped to an 18-month high on Friday...
/... http://www.reuters.com/article/2013/12/27/us-turkey-corruption-idUSBRE9BQ06E20131227