Türkiye faces election runoff, Erdogan seen with momentum
Published: 04:05 PM,May 15,2023 | EDITED : 08:05 PM,May 15,2023
Supporters of President Erdogan holds a flag of his portrait outside the AK Party headquarters after polls closed in Ankara. — AFP
ANKARA: Tayyip Erdogan led comfortably on Monday after the first round of Türkiye's presidential election, with his rival facing an uphill struggle to prevent the president extending his rule into a third decade in a runoff vote on May 28.
Turkish assets weakened on the news, which showed Erdogan just below the 50 per cent threshold needed to avoid sending the NATO-member country to a second round of a presidential election viewed as passing judgment on his autocratic rule.
Erdogan's People's Alliance, comprising his Islamist-rooted AK Party and its nationalist partners, also appeared set to win a majority in the new parliament with 321 of the 600 seats, further boosting his chances in the presidential runoff.
With 99 per cent of ballot boxes counted in the presidential vote, Erdogan led with 49.4 and his main opposition rival Kemal Kilicdaroglu had 44.96 per cent, High Election Board chairman Ahmet Yener told reporters. Turnout was a very high 88.8 per cent.
Further boosting Erdogan's hopes, nationalist candidate Sinan Ogan, who placed third in Sunday's election, said in an interview that he would only endorse Kilicdaroglu in the runoff if the latter ruled out any concessions to a pro-Kurdish party, parliament's third largest.
The election has been closely watched in Europe, Washington, Moscow, and across the region, where Erdogan has asserted Turkish power while strengthening ties to Russia and putting strain on Ankara's traditional alliance with the United States.
Erdogan is one of President Vladimir Putin's main allies and his strong showing is likely to encourage the Kremlin but unnerve the Biden administration, as well as many European and Middle Eastern leaders who had troubled relations with Erdogan.
The Kremlin said on Monday it expected Russia's cooperation with Türkiye to continue and deepen whoever wins the election.
The political uncertainty is expected to weigh on financial markets over the next two weeks.
The cost of insuring against Türkiye defaulting on its sovereign debts surged to a six-month high, jumping 105 basis points (bps) from Friday's levels to 597 bps, according to S&P Global Market Intelligence.
The opposition had expected to benefit from voter anger at economic woes after an unorthodox policy of low interest rates triggered a lira crisis and soaring inflation. — Reuters
Turkish assets weakened on the news, which showed Erdogan just below the 50 per cent threshold needed to avoid sending the NATO-member country to a second round of a presidential election viewed as passing judgment on his autocratic rule.
Erdogan's People's Alliance, comprising his Islamist-rooted AK Party and its nationalist partners, also appeared set to win a majority in the new parliament with 321 of the 600 seats, further boosting his chances in the presidential runoff.
With 99 per cent of ballot boxes counted in the presidential vote, Erdogan led with 49.4 and his main opposition rival Kemal Kilicdaroglu had 44.96 per cent, High Election Board chairman Ahmet Yener told reporters. Turnout was a very high 88.8 per cent.
Further boosting Erdogan's hopes, nationalist candidate Sinan Ogan, who placed third in Sunday's election, said in an interview that he would only endorse Kilicdaroglu in the runoff if the latter ruled out any concessions to a pro-Kurdish party, parliament's third largest.
The election has been closely watched in Europe, Washington, Moscow, and across the region, where Erdogan has asserted Turkish power while strengthening ties to Russia and putting strain on Ankara's traditional alliance with the United States.
Erdogan is one of President Vladimir Putin's main allies and his strong showing is likely to encourage the Kremlin but unnerve the Biden administration, as well as many European and Middle Eastern leaders who had troubled relations with Erdogan.
The Kremlin said on Monday it expected Russia's cooperation with Türkiye to continue and deepen whoever wins the election.
The political uncertainty is expected to weigh on financial markets over the next two weeks.
The cost of insuring against Türkiye defaulting on its sovereign debts surged to a six-month high, jumping 105 basis points (bps) from Friday's levels to 597 bps, according to S&P Global Market Intelligence.
The opposition had expected to benefit from voter anger at economic woes after an unorthodox policy of low interest rates triggered a lira crisis and soaring inflation. — Reuters