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who s based in the turkish capital, ankara. the tour, a lot ahead for president erdogan, he thinks cost of living crisis is manageable is it? that crisis is manageable - is it? that is an excellent crisis is manageable - is it? that is an excellent question, - crisis is manageable is it? twat is an excellent question, and one had so many economists across the world are wondering about, because he has pursued such unorthodox economic and monetary policies over the last several years, he has put a lot of pressure on the central bank not to raise interest rates, as most central banks usually do to combat rising prices, and that has let inflation run away. as you said, inflation run away. as you said, inflation currently at 44%, it topped out at 88.5% last year, so household is really feeling the pinch, and the question is whether president erdogan will put a team around him now who will sort of convince him that more orthodox monetary policy is the way to go. the thi ....
difficult to self but for questions and challenges ahead as he grapples to get the economy into better shape. to get the economy into better sha e. ., , to get the economy into better sha e. . , ., , , to get the economy into better shae. . , ., , , ., shape. that is right, and this is a cuestion shape. that is right, and this is a question economists shape. that is right, and this is a question economists have - shape. that is right, and this is a question economists have been l shape. that is right, and this is a - question economists have been asking for months. if he were to win another five years, what would it mean for the struggling economy? inflation tapped out at 85.5% last october. it has since come down, it is about 44% now. what is he going to do with the next five years and what is he going to do in the next days and weeks? he is almost certainly going to restructure his economic team, finance team. there is speculation about whether we will see familiar ....
at verisk maplecroft. if erdogan continues down this path of policy that he has embarked upon, do you think turkey will be defaulting on its debts any time soon? thank ou. its debts any time soon? thank yom yes. its debts any time soon? thank you. yes, well, its debts any time soon? thank you. yes, well, the its debts any time soon? thank you. yes, well, the turkish - you. yes, well, the turkish lira partly as a result of economic policies under the current turkish government has lost about 80% of its value over the past five years. and in the lead up to the election, one of the ways in which the central bank was holding it off was drawing on its foreign exchange and gold reserves. although that props up the lira it is not necessarily sustainable in the long term and if turkey is no longer able to finance imports or to service its external debt it could end up default. there are corrective actions the turkish government can take to try and hold off that risk but w ....
earlier today, president biden told reporters, he is confident a deal will reach his desk. and no more sticking points to iron out. msnbc news has also learned part of the deals raising the debt limit for two years, avoiding another debt showdown before the 2024 election. the deal also clause back some unspent pandemic funding, we ll talk about what that means. and shaves off some irs funding. it also expands work requirements for certain adults on food stamps. speaker mccarthy also spoke to senate republicans this afternoon about his deal at the white house, two sources tell msnbc, republican retold the bill 150 pages. and will include 15 pages of spending cuts. this morning, he told reporters, he expects a vote on the bill as soon as this wednesday. we did a conference call with a conference over 95% were overwhelmingly excited but what they see. they re getting the text today, the process, look, in every single negotiation, when it comes to debt ceiling and other ....
sometimes, there are provisions in the tax code, carried interest that i have problems with. but part of the reasons a terrible idea. can i finish, ali? can i finish my thought? but you are dropping a lot of flags, sir. you all of challenges you re saying things, and let me. let me just, you know what. you got carried interest. i used to be in another place here, can i finish my thought here? that s all i want to do. you brought in taxes, sir? you are good at this, you ve been a politician. ali, i don t think whatever discussion i want to discussion, you talk about taxes in texas and florida. let me finish! you said, they are horrible places to live, i don t agree with that. this all came about because you said, why are not raising taxes on corporations and on people? and i am saying to you when you raise taxes too high, you discourage from people from doing what they want to do. a lot of times they will leave to go to a place, where they get a bet ....