Amid crisis, Erdogan challenges those playing 'games' on Turkish economy

The lira has plunged as investors fret about Erdogan's influence over monetary policy

A day after two major ratings agencies downgraded Turkey closer to junk status amid a currency crisis, Turkish President Tayyip Erdogan said he would challenge those playing “games” on the economy.

Both Moody’s and Standard & Poor’s ratings agencies cut Turkey’s sovereign credit ratings deeper into “junk” territory late on Friday.

Standard & Poor’s cited extreme lira volatility and forecasted a recession next year. The rating agency downgraded the rating by one notch to B+ from BB- and kept Turkey’s outlook at stable in a move which came after the lira lost some 40 per cent of its value against the dollar