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US Treasury Secretary Steven Mnuchin assured President Donald Trump at a cabinet meeting on Thursday that sanctions were ready to be put in place if Mr Brunson, a pastor on trial in Turkey on terrorism charges, was not freed.

The currency rebounded following the prisoners' release, and following an announcement by Qatar, a strong Turkish ally, that it will invest $15 billion in Turkey's economy. "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!" he Tweeted.

One currency trader said Friday's lira weakness was driven by "the new US sanctions threat and the S&P decision, with position-closing in markets ahead of the public holiday". "We will produce, consume to our heart's content, and then export to the world".

Ankara accuses Mr Brunson - who operates a tiny evangelical church in Izmir - of having links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup two years ago.

The White House has said there could be more economic measures against Turkey if Brunson is not released.

Cagaptay, author of The New Sultan: Erdogan and the Crisis of Modern Turkey, said the release of the Greek soldiers was especially notable because Turkey, which has had rocky relations with Athens, would not have unilaterally made the one-sided move unless Erdogan felt it was crucial.

U.S. threatens more action against Turkey unless pastor freed
The same day, the country's government announced that it would hit USA imports with a new round of tariffs. Turkish President Recep Tayyip Erdogan has accused the USA of trying to "bring Turkey to its knees".

Vienna ranks as most liveable city in 2018 displacing Melbourne
The strong performance of some of our cities absolutely does not the salve the sting of being defeated by the Austrians, however. Who beat Melbourne? None other than the criminal city of Vienna , best known for opera and having honestly way too many museums.

China’s financial help to Turkey will not turn around the troubled lira
Tensions between the USA and Turkey , both North Atlantic Treaty Organisation allies, have reached new heights in the past week. He added: 'We have seen our currency sales surge by 198 per cent compared with the same time previous year '.

President Donald Trump speaks during a signing ceremony for the "Strengthening Career and Technical Education for the 21st Century Act", at Tampa Bay Technical High School, Tuesday, July 31, 2018, in Tampa, Fla. The Qatari government already felt the need to pledge $15 billion in funding to prevent the collapse of the Turkish lira and try to stabilize them in this time of crisis.

'We are not going to take it sitting down.' The row follows US-imposed sanctions on two Turkish ministers and doubled tariffs on its steel and aluminum imports.

It also forecast that inflation will peak at 22 percent over the next four months and said the weakening lira was putting pressure on the indebted corporate sector and had considerably increased the funding risk for Turkey's banks.

In a conference call with thousands of investors and economists, Albayrak - who is Erdogan's son-in-law, said Turkey fully understood and recognised all of its domestic challenges, but was dealing with what he described as a market anomaly.

Ankara, which in 2015 set up a military base in Qatar, sent in troops amid the "Gulf Crisis" in June 2017.

This week, Antalya airport in southern Turkey has welcomed more flights from the United Kingdom than the popular Spanish islands of Mallorca and Tenerife.


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