At Emerging Money we have written significantly on Turkey and discussed the challenges of their macro struggles. In short, we have guided investors towards a view that Turkey is not broken but will be noisy on politics and that the investment time horizon will be over the next 12 months, not 12 weeks.
The PM's spokesman has said the voices on the tapes were fake and that perps would be brought to justice, but can we really know where this is leading?
Erdogan's increasingly autocratic rule and intolerance of any opposition is wearing thin for locals and thus wearing thin for the market as there is a call for the government to resign.
Watch the currency which is off -1.5% over two days after being "rock steady" for the previous few weeks.
In my view, a move to 2.23 is a move to 2.30.
March 30 elections will mean there is fear and noise and potentially a volatile political transition.
The elections later in the year should give a green light to Turkey's superior corporate stories.