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Rebellion Erupts In Turkey As Erdogan Faces Unprecedented Challenge By...

•, By Tyler Durden

Just days after the shenanigans of the Turkish central bank were exposed for the entire world to see, when as the FT reported - at great danger to its Turkish subscriptions and the freedom of its reporters in Turkey - that the country's real FX reserves of $12 billion were half of the $24 billion represented if one stripped $12 billion in short-term swap-based borrowings from local central banks...

... which in turn sent the Lira tumbling to fresh 7 month lows, Turkey's "executive" President Erdogan was confronted with a rare and unexpected sign of rebellion within the ruling party as former allies attacked his leadership following a sharp deterioration in the economy and historic losses in local elections last month.

The attack was launched by none other than Ahmet Davutoglu, once Erdogan's handpicked successor to head the ruling AK Party, who said it "must face the reality of decreasing public support" due to "arrogant" (i.e., Erdogan's) policies. And while the former prime minister's written statement published on Monday avoided any direct or personal criticism of Erdogan, it was quite clear whom he was referring to when he ripped into policies under the president from the management of economy to curbing of basic liberties and the pressure on free speech.

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