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Turkish president: U.S. set deadline to release detained pastor

Turkish president: U.S. set deadline to release detained pastor

Without naming any country, Erdogan said that those - who stand against Turkey for the sake of small calculations - would pay the price.

The currency, which traded 4.7 to the dollar a month ago, has now weakened to 6.4 to the dollar, having lost more than 30% of its value this month, 20% of which accrued in the last 24 hours.

The two North Atlantic Treaty Organization (NATO) allies have been at odds over a wide range of issues: diverging interests in Syria, Ankara's ambition to buy Russian defence systems and more recently the case of Andrew Brunson, an evangelical pastor on trial in Turkey.

Turkey and the U.S. are in jeopardy, Turkish President Recep Tayyip Erdogan said, warning the White House he would turn to "new allies" if the United States continues to show a "lack of respect" for his country.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said.

Turkey's President Tayyip Erdogan addresses his supporters in Bayburt, Turkey, on August 10, 2018. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

In an article in the New York Times, Erdoğan said Trump's sanctions against Turkey over the Brunson's detention were "unacceptable, irrational and ultimately detrimental to our longstanding friendship".

"The aim of the operation is to make Turkey surrender in all areas, from finance to politics", said Erdogan on Sunday.

The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Mr Erdogan, who has repeatedly called for low interest rates. Take them immediately to the banks and convert them into liras.

Erdogan has further attempted to bolster the nation against this "economic war", calling for citizens to exchange foreign currency and gold for lira as part of the "domestic and national struggle".

"These are the bullets, cannonballs and missiles of an economic war waged against our country", he said. Turkish authorities said that Washington used 5,000 trucks and 2,000 cargo planes to deliver weapons to the P.Y.D./Y.P.G in recent years, which Ankara sees as the direct undermining of its government.

In a Friday opinion piece for the New York Times, though, he used a milder tone to restore ties before it is too late, reminding of long-standing relations the U.S. established with Turkey over half a century ago upon its accession into North Atlantic Treaty Organisation.

Turkey's spat with the United States has further weighed on the lira.

"Trump's jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Mohammad Javad Zarif said in a message posted on his official Twitter account.

"The US has to rehabilitate its addiction to sanctions (and) bullying or the entire world will unite - beyond verbal condemnations - to force it to", he warned.

The US reimposed harsh sanctions on Iran on Tuesday following its May withdrawal from a landmark 2015 nuclear agreement, dealing a heavy blow to the already troubled economy.

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