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A30 world news
Diamars 21 December 2021

Turkish lira falls further as Erdogan stands firm on rates

(AP) — The beleaguered employment.
Turkish currency reached
another record low against The weakened lira is driving
the U.S. dollar Monday, a prices higher, making imports,
day after President Recep fuel and everyday goods more
Tayyip Erdogan stood firm expensive. Many people in the
on his policy to lower inter- country of more than 83 mil-
est rates despite rising con- lion are struggling to buy food
sumer prices and slammed and other basic needs.
business groups that called
for a change of course. Erdogan vowed Sunday to
continue to keep interest rates
The lira tumbled to an all-time low, citing Islamic teachings
low of 18.25 against the dollar against usury, saying: “Don’t
— some 10% weaker from Fri- expect anything else from me.”
day’s close. The Turkish cur-
rency has depreciated by near- In separate speeches Sunday,
ly 60% against the dollar since he also pledged to bring infla-
the start of the year. tion down to 4% as his govern-
ment has done in the past. He
Even though official figures dismissed speculation that his
show that annual inflation has government may implement
accelerated to 21%, the Cen- capital controls by expressing
tral Bank has cut a key inter- commitment to free market
est rate by 5 percentage points rules.
— to 14% — since September.
The bank is widely believed to The Turkish leader later took a
be acting under pressure from swipe at TUSIAD, a group of
Erdogan, who has proclaimed Turkey’s top businesses, which
himself an enemy of inter- had urged the government to
est rates and dismissed three return to “the generally ac-
bank governors over reported cepted rules of economics.”
disagreements on borrowing
costs. “You have one duty, and that is
investment, production, em-
Erdogan has long argued that ployment and growth,” Erdo-
high interest rates cause infla- gan said. “Don’t seek different
tion, contrary to conventional ways to attack the government.
economic thinking. He has ... You cannot win a fight
vowed to keep rates low and against us.”
prioritize growth, exports and

Greece to extend border wall to stop migrants, wants EU help

(AP) — Greece says it will ernment has toughened the “This automated system more than 143,000 illegal The government denies re-
renew a request for Euro- country’s migration policy gives us many operational ad- crossing attempts on the peated allegations by human
pean Union funds in 2022 and recently completed a vantages and helps us moni- Greek-Turkish land border, rights and migrant advocacy
to extend a border wall 26-kilometer (16-mile) ex- tor the entire border region,” he said, over eight months groups that the border inter-
along its frontier with tension of a steel border wall the minister said. this year through October — ceptions include illegal sum-
Turkey and promised to to make the barrier span 38 a 45% increase from a year mary deportations known as
expand a powerful sur- kilometers (24 miles). So far, the wall and detec- earlier. pushbacks.
veillance network aimed tion network helped prevent
at stopping migrants en- “We believe the security on
tering the country ille- our own borders is linked to
gally. the security of the EU,” The-
odorikakos said, adding that
A public order minister, Ta- border walls and fences are
kis Theodorikakos, told a normally funded by national
parliamentary committee governments.
that Greece expects some
countries bordering the EU A control center processing
to continue to exploit migra- data from newly-built border
tion to exert political pressure surveillance towers equipped
on member states, citing the with long-range cameras and
recent crisis in Belarus on its multiple sensors was due to
border with Poland and other begin operating in early 2022,
EU members. he said.

“We have every reason to The artificial intelligence-
expect that these kinds of driven system is aimed at
threats will continue,” he tracking multiple incidents
said during the parliamen- using data from surveillance
tary briefing held Friday and sensors and flagging those
made public Monday. considered the most serious
to border guard officers.
Greece’s center-right gov-