Turkish stocks were set for their worst week since the aftermath of 2008’s Lehman Brothers collapse as concerns about this week’s detention of President Tayyip Erdogan’s main political rival refused to subside. The lira was set for a 4% weekly slump despite aggressive action from Turkey’s central bank in recent days while the latest selloff in stocks triggered two market-wide circuit breakers on Borsa Istanbul. The move against Istanbul mayor Ekrem Imamoglu was called a coup attempt by the opposition and appears to cap a months-long legal crackdown on opposition figures which has been condemned as a politicised attempt to silence dissent.
