BECKHAM
07-06-2013, 01:22 AM
Istanbul, Turkey (CNN) -- Stock analysts blamed Turkey's prime minister for a sharp sell-off in the country's stock markets after his defiant remarks about the week of protests against his government.
The market plunge punctuated a day of relative calm in Istanbul, where for the first time in a week the sky wasn't clouded with tear gas.
Prime Minister Recep Tayyip Erdogan was in Tunisia, wrapping up a four-day trip to North Africa. He held a Thursday news conference in Tunis that was broadcast live in Turkey, but proved difficult to understand: His comments were translated from Turkish to Arabic and then retranslated back to Turkish.
But in tweets from the account of the Turkish Prime Ministry, Erdogan said, "Sensitivities of people for environmental issues are abused. We already expressed our sorrow for excessive use of force." Another read, "Unlawful methods for claiming rights cannot be tolerated."
Within minutes, the Turkish stock markets -- which had already dropped during the protests -- took a fresh dive. The benchmark Borsa Istanbul 100 index plunged up to 7.5% before recovering some of its losses. With no other important statements or economic reports Thursday, it was clear the losses were the result of Erdogan's speech, said Atilla Yesilada, financial analyst for Istanbul Analytics.
"This is an unbelievable sell-off," he said. "The pace of the losses suggest that there are now no buyers in the market. That people are trying to get out with whatever they can rescue as far as their prices."
On the streets, the government's apology for excessive use of police force and its meetings with opposition leaders and representatives of protesters camped out in Istanbul's central Taksim Square appeared to have cooled tensions in the commercial capital.
But a demonstration nearly 1,000 kilometers southeast, in the city of Adana, resulted in the first reported death of a police officer since the protests erupted. Capt. Mustafa Sari died in hospital as a result of injuries suffered when he plunged off a bridge Wednesday night, the Adana governor's office told CNN.
The semiofficial Anatolia News Agency reported the incident occurred while Sari was "intervening in a group of illegal demonstrators."
Two protesters have been killed in the demonstrations. One was hit by a car in Istanbul; the other was shot in the head by unknown assailants in the border city of Antakya.
More than 4,300 people have been wounded in clashes over the past week, the Turkish Medical Association said.
Erdogan was scheduled to return Thursday night to Istanbul. Before he departed Monday, he maintained a defiant tone, accusing demonstrators of being members of "marginal groups," denouncing social media as a "menace to society" and calling anyone who drinks alcohol an alcoholic.
But in his absence, Turkish President Abdullah Gul and Deputy Prime Minister Bulent Arinc sought to reassure secular Turks that their lifestyle will be respected.
Still, protesters returned Thursday to the centers of cities such as Ankara and Istanbul, where the movement began over government plans to bulldoze a park.
United in anger
The demonstrators have demanded Erdogan's resignation, accusing his government of creeping authoritarianism. The demonstrations have united disparate groups dissatisfied with Erdogan and angry over what protesters and international critics have described as a heavy-handed response by security forces.
The result has been the biggest challenge to Erdogan and his governing Justice and Development Party during their decade in power.
A familiar pattern played out Wednesday in Ankara as demonstrators gathered peacefully in the city center during the day. Police remained at a distance before moving in at dusk with tear gas and water cannon to disperse the crowds. Some protesters responded with rage, kicking police vans.
Woman labeled 'icon' of Turkey protests: It's not about me
Social media arrests
In a separate move Wednesday, authorities arrested dozens of social media users on accusations of spreading false information about demonstrations.
Police detained 25 people and were searching for 13 more on accusations of using social media networks such as Twitter to spread false details about anti-government protests and police reaction to them, according to the semiofficial Anadolu Agency news service.
The use of social networking services by activists to share information and organize protests has been widely credited with aiding popular uprisings in Egypt, Libya and other countries.
It started with a park
The demonstrations in Turkey started as a small sit-in over plans to bulldoze Gezi Park -- the last green space in central Istanbul -- and replace it with a shopping mall housed inside a replica of a 19th-century Ottoman barracks.
After riot police moved in to break up the demonstration with tear gas and pepper spray, protesters set up barricades and hurled bottles at police.
Analysts say the protests have provided a channel for Turks alienated from and frustrated by Erdogan's government. Opposition parties are weak and divided, observers say, and have failed to convincingly challenge the governing party during its decade in power.
But they also point to widespread popular support for Erdogan. Under his government, the Turkish economy has grown and his party has been rewarded with comfortable victories at the ballot box.
The market plunge punctuated a day of relative calm in Istanbul, where for the first time in a week the sky wasn't clouded with tear gas.
Prime Minister Recep Tayyip Erdogan was in Tunisia, wrapping up a four-day trip to North Africa. He held a Thursday news conference in Tunis that was broadcast live in Turkey, but proved difficult to understand: His comments were translated from Turkish to Arabic and then retranslated back to Turkish.
But in tweets from the account of the Turkish Prime Ministry, Erdogan said, "Sensitivities of people for environmental issues are abused. We already expressed our sorrow for excessive use of force." Another read, "Unlawful methods for claiming rights cannot be tolerated."
Within minutes, the Turkish stock markets -- which had already dropped during the protests -- took a fresh dive. The benchmark Borsa Istanbul 100 index plunged up to 7.5% before recovering some of its losses. With no other important statements or economic reports Thursday, it was clear the losses were the result of Erdogan's speech, said Atilla Yesilada, financial analyst for Istanbul Analytics.
"This is an unbelievable sell-off," he said. "The pace of the losses suggest that there are now no buyers in the market. That people are trying to get out with whatever they can rescue as far as their prices."
On the streets, the government's apology for excessive use of police force and its meetings with opposition leaders and representatives of protesters camped out in Istanbul's central Taksim Square appeared to have cooled tensions in the commercial capital.
But a demonstration nearly 1,000 kilometers southeast, in the city of Adana, resulted in the first reported death of a police officer since the protests erupted. Capt. Mustafa Sari died in hospital as a result of injuries suffered when he plunged off a bridge Wednesday night, the Adana governor's office told CNN.
The semiofficial Anatolia News Agency reported the incident occurred while Sari was "intervening in a group of illegal demonstrators."
Two protesters have been killed in the demonstrations. One was hit by a car in Istanbul; the other was shot in the head by unknown assailants in the border city of Antakya.
More than 4,300 people have been wounded in clashes over the past week, the Turkish Medical Association said.
Erdogan was scheduled to return Thursday night to Istanbul. Before he departed Monday, he maintained a defiant tone, accusing demonstrators of being members of "marginal groups," denouncing social media as a "menace to society" and calling anyone who drinks alcohol an alcoholic.
But in his absence, Turkish President Abdullah Gul and Deputy Prime Minister Bulent Arinc sought to reassure secular Turks that their lifestyle will be respected.
Still, protesters returned Thursday to the centers of cities such as Ankara and Istanbul, where the movement began over government plans to bulldoze a park.
United in anger
The demonstrators have demanded Erdogan's resignation, accusing his government of creeping authoritarianism. The demonstrations have united disparate groups dissatisfied with Erdogan and angry over what protesters and international critics have described as a heavy-handed response by security forces.
The result has been the biggest challenge to Erdogan and his governing Justice and Development Party during their decade in power.
A familiar pattern played out Wednesday in Ankara as demonstrators gathered peacefully in the city center during the day. Police remained at a distance before moving in at dusk with tear gas and water cannon to disperse the crowds. Some protesters responded with rage, kicking police vans.
Woman labeled 'icon' of Turkey protests: It's not about me
Social media arrests
In a separate move Wednesday, authorities arrested dozens of social media users on accusations of spreading false information about demonstrations.
Police detained 25 people and were searching for 13 more on accusations of using social media networks such as Twitter to spread false details about anti-government protests and police reaction to them, according to the semiofficial Anadolu Agency news service.
The use of social networking services by activists to share information and organize protests has been widely credited with aiding popular uprisings in Egypt, Libya and other countries.
It started with a park
The demonstrations in Turkey started as a small sit-in over plans to bulldoze Gezi Park -- the last green space in central Istanbul -- and replace it with a shopping mall housed inside a replica of a 19th-century Ottoman barracks.
After riot police moved in to break up the demonstration with tear gas and pepper spray, protesters set up barricades and hurled bottles at police.
Analysts say the protests have provided a channel for Turks alienated from and frustrated by Erdogan's government. Opposition parties are weak and divided, observers say, and have failed to convincingly challenge the governing party during its decade in power.
But they also point to widespread popular support for Erdogan. Under his government, the Turkish economy has grown and his party has been rewarded with comfortable victories at the ballot box.