Turkish Lira Collapses After Election Board Nullifies Istanbul Mayor Vote | WHAT REALLY HAPPENED


Turkish Lira Collapses After Election Board Nullifies Istanbul Mayor Vote

Turkey's state media says election officials ordered Istanbul's mayoral election redone, nullifying the opposition candidate Ekrem Imamoglu's win.

“Istanbul elections are being renewed," Recep Ozel, the ruling party’s representative on Turkey’s elections board, says via Twitter.

As Bloomberg reports, the High Election Board’s verdict, which is final, came after a vote on whether to nullify the vote based on the ruling party’s allegation that there were widespread irregularities in the March 31 vote, which Erdogan’s candidate lost. The decision fueled concerns about the democratic foundations of Middle East’s largest economy and the prospect of more political turmoil.

The result is dramatic and immediate - a collapse in the lira...

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