Dec 07 2017

Fallout from Atilla case may damage Turkey - Newsweek

A New York court case could end up damaging Turkey’s already fragile economy, Newsweek said.

The U.S. trial of Mehmet Hakan Atilla, a former executive at Turkey’s state-owned Halkbank charged with breaking U.S. sanctions on Iran, could end in large fines for the bank and possibly the targeting of high-ranking Turkish officials as well, Newsweek Europe correspondent Bill Powell wrote.

“The U.S. could levy significant fines against key Turkish banks that have been involved in skirting sanctions,” he said.

“Any economic fallout could make (President Recep Tayyip) Erdoğan more politically vulnerable – if he would allow fair elections in 2019, though that’s a big if.”

Former U.S. ambassador to Turkey Eric Edelman, Powell said, had recently expressed fears that Turkey could be on the road to civil war.

“Every time it seems things can’t get worse in Turkey, I always say, just wait,” he quoted Edelman as saying.