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A Fistful of Liras A Fistful of Liras
(about 13 hours later)
ISTANBUL — On Aug. 11, I was at a friend’s wedding at CerModern, a contemporary art museum in Ankara. Gold coins are the preferred wedding present in Turkey. The guests seemed subdued, but they did show up with gold coins in their clutches and pockets. Heated conversations around the price of gold filled the museum courtyard.ISTANBUL — On Aug. 11, I was at a friend’s wedding at CerModern, a contemporary art museum in Ankara. Gold coins are the preferred wedding present in Turkey. The guests seemed subdued, but they did show up with gold coins in their clutches and pockets. Heated conversations around the price of gold filled the museum courtyard.
The previous day, after escalating tensions between Turkey and the United States, President Trump had doubled metal tariffs on Turkey. The value of lira fell by 20 percent against the dollar and pushed prices up in the country. The previous day, after escalating tensions between Turkey and the United States, President Trump had doubled metal tariffs on Turkey. The value of the lira fell by 20 percent against the dollar and pushed prices up in the country.
“I guess it is not the best time to get married,” my friend, the bride, said, sighing.“I guess it is not the best time to get married,” my friend, the bride, said, sighing.
“It is an O.K. time to get married,” a friend responded. “It is just the worst time to be a wedding guest.”“It is an O.K. time to get married,” a friend responded. “It is just the worst time to be a wedding guest.”
Aug. 10 had been dreadful in Istanbul, where I work at an international construction, development and investment firm. I walked into the office to find all my colleagues fixed on their computer screens, scrolling on Twitter and refreshing the pages of news websites to check if the lira had plunged even further than it had the last time they checked. The landline phones, which rang relentlessly in my office, had gone silent.Aug. 10 had been dreadful in Istanbul, where I work at an international construction, development and investment firm. I walked into the office to find all my colleagues fixed on their computer screens, scrolling on Twitter and refreshing the pages of news websites to check if the lira had plunged even further than it had the last time they checked. The landline phones, which rang relentlessly in my office, had gone silent.
Every face in the building was ashen, tight-lipped, stiff. I thought of the weight and the dread I had felt riding the subway to work in New York the day after Donald Trump was elected. People didn’t even pretend to work.Every face in the building was ashen, tight-lipped, stiff. I thought of the weight and the dread I had felt riding the subway to work in New York the day after Donald Trump was elected. People didn’t even pretend to work.
Like Mr. Trump, Turkey’s economic crisis did not come out of nowhere. Economists, financial analysts and ordinary Turks have been speculating about a looming economic crisis for the last two years. The fear of a worsening economic climate was the primary reason Recep Tayyip Erdogan held the parliamentary and presidential election in June, more than a year ahead of schedule.Like Mr. Trump, Turkey’s economic crisis did not come out of nowhere. Economists, financial analysts and ordinary Turks have been speculating about a looming economic crisis for the last two years. The fear of a worsening economic climate was the primary reason Recep Tayyip Erdogan held the parliamentary and presidential election in June, more than a year ahead of schedule.
Foreign investors and brands — especially from Europe and the United States, including Citigroup, Renaissance Capital and Topshop — started pulling out of Turkey after the era of social and political instability that intensified with the July 2016 coup attempt and the subsequent crackdown on civil liberties.Foreign investors and brands — especially from Europe and the United States, including Citigroup, Renaissance Capital and Topshop — started pulling out of Turkey after the era of social and political instability that intensified with the July 2016 coup attempt and the subsequent crackdown on civil liberties.
Although Turkey’s primary business relationship continues to be with Europe, the trigger for the latest crisis was the spat between the Trump administration and the Turkish government over Andrew Brunson, the American preacher who was arrested after the coup attempt and is now under house arrest in Turkey.Although Turkey’s primary business relationship continues to be with Europe, the trigger for the latest crisis was the spat between the Trump administration and the Turkish government over Andrew Brunson, the American preacher who was arrested after the coup attempt and is now under house arrest in Turkey.
In face of these multiple crises, a sense of my country clamming up is visible in our everyday life. Buying records, cosmetics or vintage clothes online from websites in the United States is far from easy. Customs have grown increasingly tight, and tracking updates stagnate once an item arrives in Turkey.In face of these multiple crises, a sense of my country clamming up is visible in our everyday life. Buying records, cosmetics or vintage clothes online from websites in the United States is far from easy. Customs have grown increasingly tight, and tracking updates stagnate once an item arrives in Turkey.
We are beginning to see echoes of the old practice of asking friends traveling abroad to bring back electronics, clothes and even books, as we did in the 1980s, when Turkey was yet to liberalize its economy and a pack of Marlboro Reds was considered a generous gift.We are beginning to see echoes of the old practice of asking friends traveling abroad to bring back electronics, clothes and even books, as we did in the 1980s, when Turkey was yet to liberalize its economy and a pack of Marlboro Reds was considered a generous gift.
Over the past few years, as Turkey’s political relations with Europe and the United States frayed, Mr. Erdogan’s government has established stronger economic ties with the Gulf States and West African countries, reconfiguring Istanbul to appeal to the reported half a million tourists arriving from the Gulf States along the way. The rise of Islamophobia and the growing anti-immigrant sentiment in Europe have also made Istanbul a preferred destination for Arab and other Muslim tourists.Over the past few years, as Turkey’s political relations with Europe and the United States frayed, Mr. Erdogan’s government has established stronger economic ties with the Gulf States and West African countries, reconfiguring Istanbul to appeal to the reported half a million tourists arriving from the Gulf States along the way. The rise of Islamophobia and the growing anti-immigrant sentiment in Europe have also made Istanbul a preferred destination for Arab and other Muslim tourists.
In upscale Istanbul neighborhoods that used to be the traditional bastions of Europeanized Turkish secularists, the reconfiguration toward Arab and other Muslim tourists is visible in hookah lounges and halal steak restaurants. Small businesses in Istanbul have come to rely heavily on these tourist inflows. “Anyone who says the Arab tourists help us get by is lying,” explained Ersin Camsari, a hairstylist who has been running his store at Taksim Square for 11 years. “They don’t just help; they are the reason we can keep our shops open.”In upscale Istanbul neighborhoods that used to be the traditional bastions of Europeanized Turkish secularists, the reconfiguration toward Arab and other Muslim tourists is visible in hookah lounges and halal steak restaurants. Small businesses in Istanbul have come to rely heavily on these tourist inflows. “Anyone who says the Arab tourists help us get by is lying,” explained Ersin Camsari, a hairstylist who has been running his store at Taksim Square for 11 years. “They don’t just help; they are the reason we can keep our shops open.”
Empty, unsold or half-built apartment complexes and office towers loom over various parts of the city. Turkey is building the world’s largest airport, at a reported cost of 10.2 billion euros ($11.7 billion). The airport, whose first phase is expected to open in late October, feels like an indulgence. I wonder how many more economic crises my generation has to live through. This was my fifth.Empty, unsold or half-built apartment complexes and office towers loom over various parts of the city. Turkey is building the world’s largest airport, at a reported cost of 10.2 billion euros ($11.7 billion). The airport, whose first phase is expected to open in late October, feels like an indulgence. I wonder how many more economic crises my generation has to live through. This was my fifth.
Yet there is an ambivalence and humor to the way Turks are handling the crisis so far. Though alcohol is pretty expensive, it is still difficult to find a table at a bar on the weekend. The hotels on the Aegean and Mediterranean coasts are sold out for the upcoming Eid holiday.Yet there is an ambivalence and humor to the way Turks are handling the crisis so far. Though alcohol is pretty expensive, it is still difficult to find a table at a bar on the weekend. The hotels on the Aegean and Mediterranean coasts are sold out for the upcoming Eid holiday.
I have felt the chilling effects of the crisis: On a recent morning an acrobatic thief shimmied his way into my apartment and made off with my MacBook as I slept in the next room. I went to the police station to report the burglary and met three people from my neighborhood reporting break-ins by thieves looking for cash. “Oh, don’t fret,” a cheery officer said. “These guys come in droves every time there is an economic crisis. Just make sure you lock up.”I have felt the chilling effects of the crisis: On a recent morning an acrobatic thief shimmied his way into my apartment and made off with my MacBook as I slept in the next room. I went to the police station to report the burglary and met three people from my neighborhood reporting break-ins by thieves looking for cash. “Oh, don’t fret,” a cheery officer said. “These guys come in droves every time there is an economic crisis. Just make sure you lock up.”
Busra Erkara is a writer based in Istanbul.Busra Erkara is a writer based in Istanbul.