Back to square one

TURKEY - Report 12 Apr 2026 by Murat Ucer and Atilla Yesilada

It came to no experts’ surprise that Islamabad talks collapsed in day one, because going into these Iran and the US had completely opposing proposals and narratives about what the politics author (herewith, I) call the Gulf Crisis. Both Iran and the White House fervently believed they are winning. As for Israel, it never wanted the cease fire, and would probably be happy to have a new license to rain hell on Lebanon and Iran.

On the economy front, we provide a quick overview of the March seasonally-adjusted inflation data (not much new), February industrial production (wobbly along a flat line) and the Q1 cash budget (quite impressive), and an update on reserves (improving).

Now read on...

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