Trump Says U.S. Won't Pay Turkey for Pastor's Release

Berat Albayrak Turkey's Treasury and Finance Minister gestures as he talks during a conference in Istanbul Friday Aug. 10 2018 in a bid to ease

Turkish Lira sell-off wreaks havoc with global currency markets

Andrew Brunson, a 50-year-old Christian pastor, was detained two years ago in Turkey on spying charges, and faces up to 35 years in prison if found guilty.

The number of Qatari investments in Turkey is very small, compared to the size of the lira crisis and the size of foreign currency debt to the government, banks and private sector institutions.

William Jackson, chief emerging markets economist at London-based Capital Economics said in a note that Albayrak gave a "moderately convincing performance".

What is the new threat from the US?

Washington's move came during an ongoing dispute over Turkey's holding of an American pastor for two years.

U.S. and China meet for trade talks
The Trump administration is due to impose similar increases on an additional $16 billion of Chinese imports on Tuesday. Vice Minister to meet with US Treasury UnderSecretary Malpass.

Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor, which has sparked a diplomatic standoff and battered the Turkish currency.

US Treasury Secretary Steven Mnuchin suggested Thursday the next spiral of tit-for-tat sanctions was coming soon, in a sign of a deepening spat.

U.S. officials said after the Qatari announcement that tariffs imposed on Turkish steel and aluminum would see no change until Ankara meets America's demands. The country is a vital North Atlantic Treaty Organisation ally, bordering Syria and Iraq.

Mr Trump's comments came as Turkey's finance minister Berat Albayrak attempted to reassure 6,000 global investors and economists on a video link that the country would emerge stronger from the crisis. The pastor was arrested in 2016 after the failed coup attempt and has been held in remand since.

Rattled markets ended a rollercoaster week on the back foot after the Turkish lira's recovery suffered a setback with tensions mounting with the US. Trump, who counts evangelical Christians among his core supporters, has increasingly championed the pastor's case. We are not going to take it sitting down. The US has refused to extradite Fethullah Gulen, who lives in Pennsylvania.

Qatar promises $15 billion investment in Turkey
The escalating dispute between the two countries has exacerbated Turkey's economic crisis, pushing the lira to record lows. The two North Atlantic Treaty Organisation allies have traded tit-for-tat sanctions over the pastor's house arrest.

The currency strengthened by over three percent against the dollar on Thursday before Turkey's finance minister was set to hold a conference call with investors.

We support the President and his efforts to continue to place economic pressure on Turkey.

Russia's Foreign Minister Sergei Lavrov, visited Ankara on Tuesday, branding the U.S. sanctions an illegitimate policy.

Muharrem Bozkurt sounded upbeat despite the lira crisis.

President Erdogan has urged Turks to shore up the currency by not trading in dollars and euros.

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Goalkeeper Alisson Becker was rarely threatened on his competitive debut for the club following his transfer from AS Roma in July. The former Manchester City manager said: "It was a tough game before the game, during the game and after the game".

That would require "an increase in the policy credibility and independence of the central bank, tolerance of weaker growth by policymakers, and a reduction in macroeconomic and financial imbalances", Fitch said in a statement Friday.

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