By: Forbes Real Time
June 12, 2013 at 13:14 PM EDT
Street Violence In Turkey Escalates As Riot Police Enter Taksim Square; Turkish Stocks Tank As Lira Falls
Street violence in Turkey reached a whole new level on Tuesday after police dressed in full riot gear stormed Taksim Square in Istanbul in order to push out protesters. The demonstrators, which have eroded Prime Minister Recep Tayyip Erdogan’s support base but failed to create a viable opposition movement, were dispersed with the use of tear gas and water cannon vehicles. As riot police moved to secure the park, Turkish equities tanked once again, while the Turkish lira has dropped to its lowest levels since January 2012, despite attempts by the central bank to control the rout. While the economic situation appears solid, with GDP expected to grow 3% this year amid contained inflation, continued unrest could affect capital inflows, fueling further currency weakness and ultimately sending prices higher and disrupting consumption.
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