Turkish Foreign Minister In Line to Be New PM

Turkish president-elect Tayyip Erdogan named Foreign Minister Ahmet Davutoglu as his future prime minister on Thursday and said a power struggle with a U.S.-based cleric, a Kurdish peace process and a new constitution would be his top priorities.

Erdogan said the ruling AK Party’s executive board had agreed to nominate Davutoglu as its next leader and, by default, his future premier. The decision must now be endorsed in a party vote next Wednesday, but is unlikely to be opposed.

“If delegates at the congress elect Davutoglu, then he will be the prime minister,” Erdogan told a news conference.

Erdogan’s victory in the country’s first direct ballot for head of state on Aug. 10 marked a turning point for Turkey, taking the European Union candidate nation and NATO member a step closer to the presidential system he has long coveted.

He has made no secret of his ambition to change the constitution and bolster the powers of the presidency, a move opponents fear will herald an increasingly authoritarian rule.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza