Lots of things are going wrong in Turkey at once, driven by the collapse of its currency, the lira.
The West needs Turkey to be strong, as Turkey is a physical buffer between Europe and the war in Syria.
US sanctions have annoyed Turkish President Recep Tayyip Erdogan, who says he is now in search of “new friends.”
The worst-case scenario for the West? Potential “new friends” include Iran, Syria, and Russia — Turkey’s neighbors, who also suffer from US sanctions.
What if Turkey collapses?
It’s not outside the realm of possibility. Turkey’s currency is in free fall. Inflation is at 15% and climbing. The Turkish economy could enter a recession. The US has imposed economic sanctions on the country because President Recep Tayyip Erdogan refuses to hand over an American preacher who has been jailed there.
Lots of things are going wrong in Turkey, all at once.
As this map shows, Turkey may not be important economically…