Erdogan Casts Bankers as Villain of Turk Protest for Boosting Yields

As Turkey's government seeks to rally support by identifying culprits behind the unprecedented explosion of anger that erupted in recent weeks, one group has featured on almost every list: bankers. ... "These guys are insatiable," Erdogan told a meeting of mayors from his party on June 13, speaking about what he calls the rates lobby. He said that because of the drop in borrowing costs, 642 billion liras ($340 billion) has "stayed in the state's pockets, and this makes them uncomfortable." The lower interest burden has allowed Turkey to spend more on education, transportation and security, Erdogan said.