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A High-Level Economic Dialogue (HLED) convened by Turkey and the EU in Istanbul last year. Ankara already didn't like what it was hearing from Brussels.
Turkey’s bid to join EU now further away from success than ever says Commission
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The European Commission executive said on October 6 that Turkey’s bid to join the EU is now further away from success than ever because Ankara is undermining the country’s economy, eroding
its democracy and destroying its independent courts.
The criticism from the European bloc’s executive added to pressure on the embattled Turkish lira (TRY) which hit its weakest rate in nearly a week. It was also partly impacted by concerns over possible US sanctions after Bloomberg reported that Turkey would soon test its acquired Russian S-400 missile defences despite concern in Washington and the risk of EU sanctions after Turkish President Recep Tayyip Erdogan told German Chancellor
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Angela Merkel that decisions taken at an EU summit earlier this month were insufficient to overcome disagreements over maritime rights with Greece and Cyprus related to gas exploration.
In very late evening trading on October 6, the TRY was down 0.5% versus the USD at 7.8011 but still short of the all-time low of 7.8669 recorded on September 30.
The Commission’s heavy criticisms of Turkey, which drew an angry retort from
Ankara, were made in its annual report on the country.
“Rapid changes in investors’ sentiment”
Blaming “excessively” centralised presidential power for deteriorating conditions in freedom of speech, prisons and the central bank, the European Commission said the government was also exposing Turkey to “rapid changes in investors’ sentiment”, Reuters reported.
“Ankara is undermining the country’s economy, eroding its democracy and destroying its independent courts"