Erdogan says will take aim at Moody’s following June elections
Turkish President Tayyip Erdogan has threatened to take act on against Moody’s after June 24 elections, his latest broadside against credit rating agencies that he says are trying to bring down the economy. “God willing, after June 24 we will mount an operation on that Moody’s,” Erdogan said during an interview with private broadcaster 24 TV on June 13. Erdogan, a self-described “enemy of interest rates”, has long cast chronic weakness in the lira currency as the work of Western powers determined to weaken his government. He has ascribed the sell-off to a shadowy “interest rate lobby” and has repeatedly singled out Moody’s, Standard & Poor’s and Fitch for their criticism of Turkey’s economy. All three agencies rate Turkey’s debt as “junk”, or non- investment grade, and have highlighted concern about the economic outlook given rising authoritarianism and Erdogan’s drive for lower interest rates.