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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Turkish government poll setback weakens markets Reuters - Tuesday, March 31 By Ayla Jean Yackley ISTANBUL - Turkish financial markets weakened on Monday after the ruling AK Party saw its support slide in municipal elections, raising concern it may find it harder to see through difficult reforms. Prime Minister Tayyip Erdogan saw his ruling AK Party's share of the municipal vote reduced for the first time in its seven-year rule to 39 percent in Sunday's local election from 47 percent in parliamentary elections in 2007. Analysts said Erdogan had miscalculated how much the weakening economy would play on voters minds. Unemployment is currently at a 13.6 percent and the $750 billion economy is expected to fall into recession this year after years of stellar growth. "The result gives Erdogan less room to manoeuvre, and he'll have to be less confrontational," said Timothy Ash, economist at Royal Bank of Scotland. "His opponents may now view him as weak, making them more willing to challenge him." The lira lost 2 percent to 1.704 against the dollar at 7:45 a.m. British time, weaker than other emerging market currencies. Istanbul's main stock index slipped 2.86 percent to 24,963.82 points. The stock index outperformed peers. The setback at the polls could make it harder for Erdogan to see through political reforms, like writing a new constitution, and pressure from the opposition to call an early general election may mount. The AK Party swept to power in 2002 to become Turkey's first single-party majority government since 1991. The election result was expected to force the government to agree to a lending pact with the International Monetary Fund after it suspended talks on an accord in January, said analysts including Simon Quijano-Evans at C.A. Cheuvreux. An IMF loan agreement, which could be worth as much as $25 billion, would help Turkish companies cover payments on their foreign debt as corporate earnings tumble, the lira loses its value against the dollar and as international credit markets issue fewer loans. "The market reaction would be savage if a deal isn't reached soon," said Ash. "The best way for Turkey to get out of this situation is with cheap financing from the IMF." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Libya's Kadhafi hurls insults at Saudi kingAFP - 52 minutes ago Pants on fire: Mich. teen charged with burning manAP - 59 minutes ago Trial beginning for mother accused in cult killingAP - 1 hour 1 minute ago Peres calls for regional peace in Middle EastAP - 1 hour 12 minutes ago Turkey seeks to contain Islamic radicalsAP - 1 hour 15 minutes ago Most Popular – World Viewed Prince William up for Afghanistan fight: report US toughens conditions for GM, Chrysler aid Hot tea linked with throat cancer Peugeot board sacks boss Streiff 100,000 secular Britons seek 'de-baptism' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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