​Turkish politics just got a lot uglier

TURKEY - In Brief 30 Nov 2017 by Atilla Yesilada
While the world is fixated on the earth-shattering revelations of gold trader Mr. Reza Zarrab in the Iran sanctions violations trial of Turkish names, developments at home could possibly wipe off the last vestiges of democracy. I find it hard to believe markets have discounted all the potential damage from the trial, or the new infighting at home. Regarding Mr. Hakan Atilla sanctions violations trial, I don’t yet have access to a full record of court proceedings but news items in Turkish media claims that Reza Zarrab stated the following: The-then premier Erdogan knew and blessed gold trade to Iran. Former economy czar Mr. Ali Babacan also approved the transactions. He bribed economy minister Mr. Zafer Caglayan and the son of former Interior Minister Mr. Muammer Guler. Turk-Arab Bank, Vakifbank and Ziraatbank were involved in the illicit transactions. For ethical reasons, I feel the need to stress that these are Zarrab’s allegations and I imply no guilt on the side of those accused. The jury will decide. All the parties targeted by Zarrab have rejected claims of impropriety. AKP stuck to the party line that Zarrab is coerced and the whole trial is a conspiracy by American Deep State and Gulenists to undermine Erdogan. Please forgive me for saying so but I’m getting sick and tired of stale and shallow commentary about how markets have already discounted all of these revelations, which seems to be the fashion at least in Turkey. I beg to differ loudly: Past cases of sanctions violations demonstrate that in case of a guilty verdict; an admission of culpability is required, which Ankara is in no mood to concede.The prosecution is portraying the event as a state-organized a...

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