tv The Day - News in Review Deutsche Welle August 13, 2018 10:30pm-11:01pm CEST
africa on the move. stories for both people making a difference in shaping their nation. and their continent of africa on the move stories about motivational change makers taking their destinies into their own hands. d.w. multimedia series from africa. d.w. dot com or go. turkey's currency shock is becoming a real currency crisis economists are already talking about a possible bailout from the international monetary fund and around the globe the stock market's taking a hit because a president refuses to take action or responsibility tonight watching the turkish president talking his economy into one big target and one giant victim
i burnt off in berlin this is the day. techies economy is on the scene. trying to save money and keep an eye on all finances at least that is and i have to come up with a plan b. i don't know what i'm going to do. simulations of. exchange rates will soon return to a reasonable level to not worry too good and that enough states has to understand that it won't get anything from tacky pressure hundreds sanctions on the most it. out on social media there and cannot make terrorists. get it and just once we capture them we will impose the necessary punishment. is treason
and. also coming up tonight can making it illegal make the controversy around it go away across europe governments are banning the muslim headscarf or burka in public in one german region lawmakers say the ban should not be limited to what adults way. thespians this time only twelve minutes they say you have to believe you had scott i say no it's my choice you can't tell me what to do you know my parents you don't have custody of me and you can't make my decisions for me. we begin the day with a real crisis engulfing turkey's currency and its economy economists wording that the turkish government has at most a few days to act to prevent economic collapse was a night person heir to one remains defiant and in denial heir to one today's saying there is no economic reason why the currency the euro should be falling instead
accusing the united states of waging economic terror against turkey a last friday u.s. president doubled tariffs on turkish steel headed for america the move came after talks failed to convince turkey to release a us evangelical minister the heir to one government claims was part of that failed coup attempt two years ago and economists and even turkey's central bankers say the tariff hike did nothing but add a little salt on the gaping economic wound ever since that failed coup attempt in two thousand and sixteen turkey central bankers have resisted raising interest rates despite double digit inflation the kind of inflation that makes a currency crisis possible and likely our coverage starts tonight with this report . the lira has recovered slightly from the meltdown this after ankara
central bank announced a series of measures to provide liquidity to the bangs but the currency is still fragile president richard tayyip erdogan attempted to assure his people that the economy will remain strong. we're taking the necessary steps against these attacks together with the finance ministry of institutions and we will continue to take them. i believe that the currency rate will return to a reasonable level don't worry. the turkish lira has lost about forty five percent of its value against the dollars since the start of the year analysts say that is largely due to worrisome out at a once increasing control over the economy and a diplomatic spat between turkey and the united states but as a runner eater waited his view that the rest fall had no economic basis he accused the u.s. as turkey strategic partner of stopping ankara and the back last week washington
imposed sanctions on turkey over its refusal to release a u.s. pastor causing economic turmoil now although at a one insists that the situation will be eased global investors are worried president added bonus suggested over the weekend if the u.s. persists with sanctions and tariffs that it might seek alliances elsewhere we know that. russian president vladimir putin spoke over the weekend so i think that's probably what's troubling investors because at the moment we seem to be in a very much in a risk mood. as turkey seeks to emerge from the crisis it has also moved to take legal action against what he calls economic terrorists or thors he's accused hundreds of social media accounts of provoking the currency's fall by posting misleading information they say they won't back down on what they call an economic
war. and we want to get is stamboul now our correspondent dorian jones is following the story for us good evening to you dorian promises from the turkish a sense will bring tonight that it will stop the lira from falling further and that means raising interest rates is there any reason tonight to believe the president heir to one will finally oh well that to happen. well i think that's what in the international investors are all around the world will be now looking on the central bank because that is all that they can do now to stem the collapse in the currency and international investors are talking about a major hike a minimum of five hundred basis points possibly even a thousand to stop the run on the currency because there has been a collapse in confidence over the way turkish economy and the currency is being managed there is little indication that the central banks will do this because the turkish president has made it perfectly clear he's opposed to interest rate hike in
fact at the weekend he reiterated his opposition to scribing interest rate as a tool of oppression so there is little indication the central bank will go against the president and then fill the central bank astonishes it independence there with little hope that the full on the currency will stop and in fact the sentiment here is now an internationally so much damage has been done even the central bank is independent and a major hike in interest rates may not be enough to stem the force on the currency endure people following turkish politics will remember that there was a recent election in turkey the constitution was changed giving the president more powers now how do you square that with the need right now of this acute need for the central bank to show to international markets that it is offended i mean can you square that circle. well indeed the president
made very clear in the run up to. election victory that when he did assume these powers. would be to take direct control over the running of the economy and including the central bank he made that clear internationally as well as domestically so he's arguing that i'm only carrying out what i pledged to do and what i was elected to do but the problem is that international investors of which the turkish economy pen don't want a central bank to be independent and till that happens there's going to be no return of confidence and with that if the hope of more money coming into the it took economy to sustain it and every year the turkish economy needs at least one hundred billion dollars maybe more of renewed long and new money to sustain the economy and that will not be coming until the central bank is declared independent and there have been rumors circulating around the global markets today we economists actually saying out well that
a bail out by the international monetary fund may be inevitable we've also had the turkish government today indicating that it may try to develop closer economic ties with russia. worst case scenario move away from its dependence on the west i mean how far could that realistically go. well for sure the relations between moscow and angra have been deepening in the last few years and the russian president vladimir putin was quick to offer his moral and political support to the one with the announcement of these u.s. trade sanctions against turkey and we are hearing reports of possibly russia will agree to sell oil which are a key import for turkey in rubles rather than dollars that could possibly help to alleviate the problems turkey is going expected to face going forward but any hope that turkey can turn to moscow and receive pens of billions of dollars in support instead of from the international markets in europe in the u.s.
it is seen as illusionary they just russia doesn't have that kind of capital to lend to turkey it has its own problems another possibility is china now china does have deep pockets in moscow and the turkish president has been making comments about how turkey increasingly see parallels with the way china runs its economy and does see that there is possible synergies to be had but even china is expected to balk at the size of the bailout that it would have to give to turkey to sustain its column e. so at the end of the day turkey will have to look to europe and the u.s. to sustain its economy otherwise it is facing a full and a possible complete meltdown in the country briefly before we let you go you've been covering this story all day today the turkish president has not mentioned the name u.s. president donald trump one time in all of his criticism and accusations about the u.s. being behind this economic crisis how do you read this do you think there's
a reason why he has not let the words donald trump cross his lips today. well that is very important and in fact he has been very reluctant to challenge donald trump and make personal attacks he did that at the beginning when trump announced these new sanctions and now he seems to be pulling back from that and i think there is possible hoping that they can reach some sort of a deal with the u.s. the turkish foreign minister today. spoke also he body had engaged in heavy u.s. rhetoric he also said that turkey is ready to talk to resolve this they do want some kind of deal because at the end of the day until they have some reproach man with us that the u.s. pulls back from its threat of more sanctions against the pressure on the world will be still there whatever economic and financial measures they take. our correspondent is on the story for us tonight from istanbul as always thank you.
well turkish authorities have valid a crackdown on the spread of what they've called fake news blaming it for undermining confidence in the economy and adding to the liras fall the government says it will close down over three hundred social media accounts of turkey's presidential communications director fatah teen al toon today complained on twitter of what he called a disinform asian campaign based on the president's remarks in which everyone said keeping the nation on its feet was the duty of industrialists and merchants and warned that otherwise he would be compelled to implement a plan b. or c. now. continued saying the president did not reveal the details of plans be in season it is unacceptable that certain people have come up with these tish's scenarios to unsettle the people and market players he also said the dissin from asian campaign was part of the economic war that has been waged against turkey and
he tried to dispel some of the alleged rumors writing and no point did the president talk about a potential seizure of foreign currency deposits first the fact that they're even mentioning that those you've helped are curious the situation is right now christophe cooper from our business desk is back here with me christophe i mean we just saw right there president heir to once communications office is blaming this crisis on fake news now we all know this is not about fake news this is about the results of bad monetary policy about a month of policy reportedly directed by president ever to one of the last failure to act failure to act so does everyone does he have any credibility right now in the eyes of currency traders in bond traders well it seems like the more he rants the more of the rest of credibility that is there when bulls usually i mean this is
an. and you mentioned it that used it can all make and monetary policy to back his own political agenda and we have to say that president and i want he was initially investors darling i mean. he restructured the turkish financial. sector he was able to lower the unemployment rate and there were stunning growth rates that supported his political agenda his presidency and he used this spring of obviously for his first political purpose but then as i mentioned failed to act as the turkish economy has for long been showing signs of or overheating. it was even more locked in to intervene economically after the failed coup attempt two years ago and if you look at the picture now inflation is red hot at sixteen percent and right and. credibility dwindles to the credibility was built before this coup attempt. that was the curative in two thousand and sixteen ever since then it's
been a completely different situation there's talk now we've got the economist openly saying that the international monetary fund may have to offer some sort of a bailout do we even know would airtel one i mean would even take it i mean he probably would have a choice but he's not even entertaining that idea right now we see no big and big oh he says he's not going to take any money it would be a huge blow to his ego is to add on already said taking money from the international monetary fund would be giving up the control of the country and he doesn't intend to do that i mean we do know that accepting financial aid from the i.m.f. does come with a price greece has been paying the price for numerous years austerity measures. structural reforms to the economy that's something that. could have been doing for years but he hasn't done and. we saw him for. we sold today as well stock
markets around the world taking a hit because of what's happening in turkey but the real losses were in the stock markets of emerging economies and i'm thinking about brazil south africa is that where the real contagion danger is turkey as you said was seen as one of the shining examples of an emerging economy moving forward and now where it's you know rushing backwards right a substantial part of the contagion risk lies with an emerging economies because we've seen that that model before one one currency of the emerging market struggles investors tend to take their money out of other markets as well we've seen the south african rand tumble today ten percent down on last week we saw the mexican peso down today the indian rupee hit an all time low so yes there is the contagion risk there because investors feel their money is safely put elsewhere
another risk is of course the exposure of european banks to turkey we have some european banks that get as much of of a third of their revenue from turkey so they will be closely watched as well we're about thirty seconds so what does it one need to do it's interest rate hikes right any hate is interested right interest rate hikes yes but he has to do something it's been days since this crisis started and all he has been doing so far is ranting kristoff over from a business this has always been so we appreciate the analysis thank you. in eight hundred thirty two the american writer nathaniel hawthorne published a short story entitled the minister's black veil it describes a church congregations bewilderment when the minister suddenly covers his face with a black veil and refuses to remove it it is the village doctor who best describes what is happening he says the black veil all of the covers only our pastors face
throws its influence over his hope person and it makes him goose like from head to foot. the observation of that position from two centuries ago could also apply to present day europe and the debate over some muslim women wearing the headscarf or even the burka critics say covering the head or face is a sign of oppression by men supporters say in a democracy people should be allowed to dress as they please well tonight we take you to the german state of north rhine-westphalia where a local government is considering banning the headscarf for girls under the age of fourteen you know the zavada on an issue in your face but also all the way from head to toe. and shine three classmates three muslim girls so he that has been wearing
a headscarf since she was ten it bothers her that some politicians want to forbid girls from doing so. on our screens this time only twelve minutes they say you have to leave your headscarf i'd say no it's my choice you can't tell me what to do you know my parents you don't have custody of me and you can't make my decisions for me . i also want to wear a headscarf but only when i am older and mature enough to make my own decisions. but at what age are girls really old enough to make a conscious decision to wear islamic head covering the german state of no point with various integration minister says that younger than fourteen is too young and he thinking about banning it if it was going to speak to. me it's very important to us we want women who voluntarily decide to wear a headscarf to be accorded full respect for society this is nothing to do with marginalization but we do not want young girls to be forced into it behaved of going to because. most googles here at elizabeth's elbert comprehensive school in
bonn say they were the headscarf voluntarily. right almost half the students here are muslim but only very few of them actually very he job under the age of fourteen what is striking though all the girls i talked to say they plan to wear one in future some teachers are critical of this trend but they feel a ban would be counterproductive. the state is on teachers at the comprehensive school in bonn take a different approach. near concert tickets it's very important to me as a teacher to enter the debate this shouldn't be a straight ban but there should be a conversation with school girls who are searching for answers wearing a headscarf is of course a symbol that strengthens one's identity so to ask about such a personal decision i can only do this when there's trust and if one would wish to tone sixth grade islam plus is supposed to inspired this people to critically analyze the religion to make room for open discussion and allow different
interpretations of the koran. we know you also have to think about how things were fourteen hundred years ago and how things are today is the fourth. not an easy task when it comes to the headscarf debate most children have taken on their parents' attitudes oh. well i think that children should wear a headscarf from puberty from the idea of fourteen or fifteen so they don't get harassed or something just makes me sad my sisters have also started wearing headscarves and i've seen them wearing them and i was the only one left so i said ok i'll put one on t.v. so it's this and cut its own mustn't really use a party these are religious traditions that have continued and of course they're also seen as traditions by their families. and their own absolutely seen that way by the mosques. are often mostly in the sand about. them both commission is trying to get his pupils to question traditions for him
school is just the right place for it. a constitution it's only as good as the will of the people who create it and sign it and then put it into motion or the loss of asian is one that many cubans will undoubtedly take with them as the country begins debate on a new draft constitution now the new constitution will reportedly recognise for the first time the role of the market economy but it will also retain cuba's definition as a socialist state with one and only one political party the communist party. cuban hotel owner julio rocky has been working in hospitality for more than a decade he's closely following the debate over amending cuba's soviet era constitution the national assembly has recognized the right to private property its
decision could come into effect next year but even if it happens julio is not expecting changes of a not do it i meant that i don't think that recognizing private property in the constitution will automatically mean that we'll see the creation of small and medium sized private companies in cuba but. the national assembly is adoption of a draft constitution followed haiti debate some lawmakers expressed concern that the changes could effectively main the end of communism julio feels insulted by some of what traditionalists had to say. nothing real we. fly heard details in the national assembly over whether it would be right to allow artists and athletes to accumulate wealth. but it can input in the one hundred per norse talent and skill matters too. when people said it's a demeaning role they were degrading our country. to him for what he said in.
private property and the role of the market and now set to be enshrined in a new constitution but this still has to be officially approved in a referendum. certainly that way though i agree with what's happening and i hope other changes in our country will also be taken into account through further modifications of the constitution and mining and i laid an egg eleven to the city ok ok the private sector should be recognised but companies like cooperatives are more in line with our system which is socialism just tell you ahead of the referendum the people of cuba will be able to have a say on the draft constitution. catelli houllier ok is planning to attend bites to propose his own ideas on what should happen next. individual enrichment always brings about a collective in richmond. through taxation i'm going through the creation of individual employment or else by creating improvements in
a community. so entrepreneurship ought to be seen as a potential opportunity for the cuban government because it can assist in improving citizens quality of life. for. many cubans hope the brand of socialism set to be enshrined in the new constitution will bring them greater prosperity. has created for new debate over the country. well the day is nearly done but as ever the conversation continues online you'll find us on twitter either at u.w. news or you can write directly to me. t.v. and don't forget to use our hash tag the day finally it's one thing to climb to the top of the mountain is quite another to ascend it in the fastest time possible but that was the aim of swiss extreme climber danny arnold when he scaled the north face of the girl on your boss you see it right there in the alps will leave you tonight with images of that record breaking ascent and remember no matter what
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