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AssessmentsOct 21, 2019 | 09:30 GMT
U.S. Secretary of State Mike Pompeo, left, and U.S. Vice President Mike Pence hold a news conference at the U.S. Embassy in Ankara, Turkey, on Oct. 17, 2019.
Turkey Prepares to Hit Back at U.S. Sanctions
The White House is eager to lift sanctions against Turkey, but that doesn't mean the U.S. Congress is keen on ceasing its pressure on Ankara over its offensive against the Syrian Democratic Forces anytime soon. Indeed, some members of Congress have described the Oct. 17 U.S.-Turkish cease-fire deal as a "capitulation" to Ankara, raising the prospect of continued American sanctions pressure against Turkish President Recep Tayyip Erdogan's government over its incursion. That, unsurprisingly, will seriously impact Turkey, raising the prospect that the country will retaliate against the United States and its interests in Turkey -- even if it will seek to walk a fine line between exacting some retribution against the United States and not retaliating so much that it results in even greater economic pain for Ankara. Whatever the case, Turkey's likely response will have a seriously detrimental effect on American-linked businesses and individuals in Turkey in the short
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AssessmentsFeb 28, 2017 | 09:15 GMT
The family-run conglomerates that made the country rich are at the center of its current political crisis.
Blood Runs Thicker in the South Korean Economy
For better or worse, the story of post-war South Korea is inseparable from that of the chaebol. Since their emergence under military strongman Park Chung-hee, who took power in 1961, South Korea's enormous, family-controlled conglomerates have formed the backbone of the country's export-dependent economy, driving and sustaining what came to be known as the “Miracle on the Han River." Today, the sales revenue of the five largest chaebols constitutes almost 60 percent of South Korea’s gross domestic product, and their brands – Samsung, Hyundai and LG, for example – are household names. The chaebols that dominate South Korea's political, economic and social life dictate the country's economic trajectory and fortunes. With their overwhelming importance to South Korea, chaebols have long been targets of domestic and foreign criticism, and calls for their reform are nearly as old as the conglomerates themselves. Since South Korea’s transition to democracy in the early 1990s –
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