Imamoğlu: March 19 Political Crackdown Deepened Economic Crisis, Wasted Critical Resources
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Speaking from Silivri Prison, Istanbul Metropolitan Mayor and CHP presidential candidate Ekrem İmamoğlu issued a scathing statement on the economic turmoil that followed his March 19 arrest, arguing that the incident caused “trillions of lira” in damage to the Turkish economy.
“The cost of this political conspiracy is staggering,” İmamoğlu said via a social media statement shared from his legal team. “With the resources wasted, we could have built 1 million earthquake-safe homes or transformed unsafe structures across the country.”
“Two Years of FX Reserves Burned in Three Days”
İmamoğlu criticized the Central Bank of the Republic of Turkey (CBRT) for rapidly selling off foreign currency reserves in the days following his detention.
“They sold in three days what we saved over two years at a high cost,” he said, blaming the government’s panic-driven monetary actions for destabilizing markets.
Even after the interest rate hikes, İmamoğlu claims investor confidence was not restored.
“They failed to attract even the hot money they chased with high interest. The producers were strangled. The lira weakened. Public debt ballooned.”
“This Crisis Goes Deeper Than Markets – It Hits Economic Foundations”
Highlighting that the damage goes far beyond short-term market fluctuations, İmamoğlu warned of a structural crisis:
“Growth will slow, inflation will remain high, and low-income citizens will suffer even more.”
His comments point to a deepening economic fracture, exacerbated by political instability and governance failures. The crisis, he suggests, is no longer confined to financial markets—it is undermining the very foundations of Turkey’s economy.
“Imagine What Could Have Been Done with This Money”
İmamoğlu’s statement also reflected on the opportunity cost of misallocated funds, calling attention to the daily struggles of retirees, workers, farmers, small businesses, and young people:
“Imagine what we could have done for the poor, the working class, the youth, and the elderly with this money. We could have answered the country’s real needs.”
He painted a vivid picture of misgovernance, lamenting how urgently needed resources were squandered on political suppression rather than public welfare.
“This Conspiracy Swallowed Funds Meant for Earthquake Preparedness”
With earthquake risk looming large in the public conscience, İmamoğlu condemned the government for failing to allocate sufficient resources to disaster resilience:
“This political scheme consumed the very funds we should’ve used to prepare for future earthquakes,” he said. “Driven by greed for power, incompetent leaders sacrificed the people’s future.”
İmamoğlu’s remarks have ignited widespread discussion, as his arrest and the subsequent economic fallout continue to fuel concerns over democratic backsliding and fiscal mismanagement in Turkey.