How markets rate political risk in Turkey with Wolfango Piccoli

Wolfango Piccoli, co-president of political risk advisory services at Teneo, joined Turkey recap editor Diego Cupolo to discuss Turkey’s economy, how markets approach political risk and what the government is doing (or not) to stem years of high inflation.Piccoli covered investor sentiments towards Turkey, the implications of the ongoing crackdown on the main opposition Republican People’s Party (CHP) and what all that means for Turkey’s economic trajectory, both domestically and in international trade relations.They also discussed the sustainability of the ruling Justice and Development Party’s (AKP) development model as well as high food and rent inflation, which is increasingly felt by Turkish citizens as they lose purchasing power.Also referenced in this talk:Consumer Price Index, August 2025 (TÜIK)Türkiye Releases 2025-2027 Medium-Term Program (Investment and Finance Office)Turkish markets rally as key opposition ruling delayed (Reuters)Turkey's market rout worsens amid protests, worst stock slump since 2008 (Reuters)Other ways to watch & listen:Our webcasts are also available on YouTube, Spotify, Apple Podcasts and other podcast players.Turkey recap is an independent, reader-supported newsletter that helps people make sense of the fast-paced Turkey news cycle. Contact us: [email protected] here on Substack (or on Patreon for discount options). Paid subscribers get full access to our recaps, reports, members-only chat and news tracking tools.Turkey recap is produced by our staff’s non-profit association, KMD. We are an affiliate of the Global Forum for Media Development and aim to create balanced news that strengthens local media by supporting journalists in Turkey.Diego Cupolo, Editor-in-chiefEmily Rice Johnson, Deputy editorGünsu Durak, Turkey recap Türkçe editorCeren Bayar, Parliament correspondent This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.turkeyrecap.com/subscribe