Turkish Economy in Turmoil over Political Crisis

Has cost country $100 billion


The political crisis engulfing Turkish Prime Minister Recep Tayyip Erdogan has cost the economy $100 billion, a top official said Monday, as financial markets rebounded from a massive freefall.

Deputy Prime Minister Bulent Arinc also fired off a new salvo against a powerful group that the government charges is behind a sweeping corruption probe that has shaken the very core of Erdogan's adminstration.

He said the government was working on a legal plan against judges and prosecutors accused of wrongdoing or abuse of power—a reference to the movement headed by influential US-based cleric and former ally Fethullah Gulen.

He said the graft probe was a "plot aimed at tarnishing Turkey's prestige at home and abroad", a frequent government refrain since the scandal erupted two weeks ago.