“Erdogan has done just and early Wednesday morning, Erdogan stunned markets when he arrested the popular mayor of Istanbul, Ekrem Imamoglu, 54, who is also the top contender for the presidency. 

The detention of Imamoglu came a day after Turkish authorities revoked his university diploma in a move that could bar him from challenging Erdogan in the next presidential election. He beat Erdogan’s handpicked candidate in last year’s Istanbul mayoral race and was set on Sunday to be named the presidential candidate for the Republican People’s Party, the main opposition group known as the CHP.

The arrest ignited a historic selloff in the country’s markets, sparking a market-wide trading halt after the Borsa Istanbul which plunged 8% amid a wholesale liquidation panic, and sent the lira crashing as much as 11% to record lows.”

 

Erdy has big expansion plans and time is not on his side,