Asia Unhedged | Erdogan’s referendum squeaks through, offers relief to markets and the lira
Turkish president Recep Tayyip Erdogan (C) acknowledges supporters,  following the results of a nationwide referendum on Sunday. Photo: AFP, Bulent Kilic
Turkish president Recep Tayyip Erdogan (C) acknowledges supporters, following the results of a nationwide referendum on Sunday. Photo: AFP, Bulent Kilic
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Erdogan’s referendum squeaks through, offers relief to markets and the lira

Despite the slim margin, Erdogan’s victory has the potential to give Turkey much needed stability

April 17, 2017 7:38 PM (UTC+8)

As the Financial Times wrote Sunday, Turkish President Recep Tayyip Erdogan’s political victory is expected to provide relief to the country’s markets and currency, after a failed coup attempt last July plunged Turkey into a period of uncertainty.

But the vote on Sunday to give vast new powers to Turkey’s executive branch was far from a resounding triumph. Erdogan had predicted Yes would garner 55% of the votes, but it fell far short with only 51.3%. The referendum also failed to win majority support in the country’s three largest cities, including Istanbul and the capital, Ankara.

This momentous step towards a new form of government is only part of Erdogan’s battle. He must win election in 2019 to fully claim the new executive powers.

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