How to lose Money and Libya at the same time

(LibyaNN)- Erdogan had temporarily offset his country's economic wreck based on Libya.

Western leaders call a defunct Mediterranean economic cooperation agreement with the Misrata controlled Government of National Accord, an encroachment on the rights of the entire neighborhood.

Turkey is very restless and angered, betokening that Ankara does not want to end the disagreement in Libya, nor have its legionnaires leave the country.

In the past few days, GNA council members teeter from one interview to another and confused to find ways to justify the catastrophe they lead the country and their people into.

Libya’s deputy prime minister said Tuesday that "Turkey was the only country to stand with Libya as it passed through difficult times and he (Maiteeq) is thankful for it."

As the power and greed loop tightened up within the Presidential council to deal with an expired Shkirat agreement, Turkey would upend a repayment strategy that demanded and obliged Libya's Presidential Council members to have Libyan deposits stay parked at the Turkish central bank.

Turkey in fact maintains that Libya's money deposited as collateral is not enough to pay the war bill for its military support.

While GNA members threw each other in front of the first running bus accusing each other of corruption to stay and lead another year in office, they also charged that the European Union and the United States (UNSMIL) worsened Libya's situation.

Turkey's currency hit its lowest ever level against the US dollar on August 6th.

The recent currency's gains in volatile trade reversed a slide last week to record lows, as analysts raised expectations for an interest rate increase that could ease pressure on the exchange rate and, in turn, on inflation and the external trade deficit.

The rally followed Finance Minister Berat Albayrak's surprise statement that he submitted his resignation due to health reasons.

While the unexpected management outburst suggested further political inquiries, investors were temporarily comforted by Agbal's first public comments.

He said that the central bank "would decisively use all policy tools to pursue its price stability intention," he said in a declaration to the global scene that a more reliable interface and that more transparent and foreseen occurrences would hopefully help.

In recent news, Turkish five-year credit default swaps dropped below 500 basis points to July levels in a hazy risk capacity, while Istanbul's main stock index recuperated 3 percent.

 

 

 

 

 

Article submitted by (Ali Lamloum)