Turkey arrested and protected him Imamoglouthe leading political opponent of the president Recep Tayyip Erdogana decision that is expected to trigger further demonstrations and shake markets.
Ekrem Imamoglou, Mayor of Constantinople and a key official of the opposition Republican People’s Party, known as the CHP, was in custody on the charge of corruption. In the vortex of developments, The country’s Ministry of Interior, today (23.03.2025), Imoglou after his detention.
As the American media reports in its current analysis, the Imamoglou may remain in prison for years, which prevents him from putting in favor of the election president scheduled for 2028, By offering relief to Erdogan. Investors took the detention of the mayor and the subsequent anti -government demonstrations as a sign of volatility and erosion of Turkey’s state institutions.
Turkish markets marked from the largest falls in the world after the detention of Imamoglou, While the central bank is trying to mitigate the impact with a surprise meeting on Sunday with the country’s top lenders, Bloomberg notes.
The impact on the economy will be critical to Tayyip Erdogan, as he manages this latest internal political crisis – one of the many during his 22 years in power – with the increasing cost of living in Turkey already hurting the popularity of his party. The reaction of the Western Allies – which are increasingly dependent on Turkey to regional security – was restrained.
“Turkish funds will be under new pressure after Imamoglou’s arrest, but Erdogan probably bets that this will not last long.”said the Wolfango Pitsoli, co-president of Teneo Consulting Company, in Bloomberg. “Turkey’s foreign partners are unlikely to have substantial pressure.”
Imoglou’s arrest-shock on Wednesday (19.03.2025) came one day after the Revocation of his university diploma by the Authorities – a mandatory condition for a high office nomination. The Court of Constantinople, who looked at the allegations on Sunday, has decided on the official arrest of separate charges of terrorism, but Imoglu will remain in prison for corruption investigation.
The 54 -year -old mayor is an extremely popular political personality since 2019, when he defeated Erdogan’s fine candidate in the local elections. When he reiterated his success in the ballot against another Erdogan’s ally last year, he also helped the main opposition team to defeat the ruling party in the national vote for the first time in history.
Imamoglou became so popular among the voters who was scheduled to be proclaimed Sunday as the candidate for his party’s chairman for the 2028 vote. But the decisions of the Turkish authorities annulment his university degree and sent him to the prisoner.
“We will remove this black stain that has entered our Republic together. I stand up, I will never bow, “Imamoglou said in a written statement shortly after his arrest, repeating the popular pre -election slogan he used in the municipal elections:” Everything will go well. “
Because now
The research marks a new escalation in a wave of arrests and research that has begun to target opposition politicians, journalists and other dissidents from the beginning of the year.
Some of his critics say that the Erdogan is just trying to weaken the opposition – A category that the government denies, saying that Imoglou’s detention has nothing to do with the president or his party.
Others argue that Erdogan is using changes in the global balance of forces to maximize his profits inside: he has a good relationship with US President Donald Trump and enjoys close ties with Vladimir Putin in Russia.
Turkey’s expanding military footprint makes Erdogan a key mediator in regional conflicts from Ukraine to Syria and a useful ally for the European Union, as the block is worried about a possible US retreat.
Dip in the markets
The most important blow to Imoglou’s reservation It is about the economy, as the markets in the markets is in danger of canceling the financial profits of the last two years.
As a fierce critic of conventional economic policies based on high interest rates to halt inflation, Erdogan swallowed his pride in 2023 and reinstated him Former ally of Mehmet Simsek as Minister of Finance.
Together they supervised a period during which the central bank raised interest rates to 50% – The highest since Erdogan began ruling Turkey in 2003 – and maintained them there long enough for Turkey to accumulate foreign stocks after years in Red.
Inflation, which is still around 40%, He finally showed signs of recession, as years of uncontrolled rise in prices pushed many Turks into poverty and removed them from Erdogan’s ruling party.
Since the arrest of Imamoglou, Turkey’s borrowing costs jumped, the shares collapsed and the pound lost more than 3%.