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
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.