SINGAPORE (Aug 20): Turkey’s President Recep Tayyip Erdogan says his country is embroiled in nothing less than an “economic war” with the US, and is now trying to acquire allies to help ensure its survival. On Aug 15, the battered lira rebounded 6% against the greenback, on news that Qatar had pledged to invest about US$15 billion ($20.6 billion) in Turkey. Yet, until Turkey begins taking concrete steps to improve its economic fundamentals, it is really just fighting a losing battle with the market.

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