Turkish credibility.

Turkey must restore its economic credibility if it hopes to secure needed foreign funding and return to growth, said President Recep Tayyip Erdogan’s former economy czar who recently broke away and founded his own party. Ali Babacan, a 53-year-old former deputy prime minister, resigned from Erdogan’s AK Party last July over “deep differences” about the direction of the party he helped found. In March he formed the Deva (Remedy) Party. Babacan said in an interview with Reuters that Turkey risks another slump in the lira unless it can access fresh sources of foreign exchange, after the currency fell to a record low last month, but that trust in its economic institutions had eroded.