Turkish President Tayyip Erdogan's fiery anti-US rhetoric helped spark a currency collapse in 2018 that plunged his country into recession. He had avoided a repeat so far this year but a week ago, Erdogan said US President Donald Trump's move to recognise Israeli sovereignty over the occupied Golan Heights risked a regional crisis. The Turkish lira immediately began its worst one-day drop since reaching a record low against the dollar last August. A week before local elections, the lira swung wildly and companies lost $11bn (about R159bn) of their market value. Investors fear another punishing diplomatic fight with the US could deepen and extend Turkey's recession well into this year and even beyond. Beyond the risk of further economic sanctions, a collapse in relations could deter foreign investors and hit tourism from the West. The Turkish government blamed the US and other Western speculators for the lira's fall and took steps to withhold liquidity from foreign-exchange markets, ...

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