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Turkey Threatens Greece with S-400s; Sanction Risks to TRY Building

TURKEY
  • Turkey seen escalating tensions with Greece in recent comments, while the US and EU ramp up sanctions threats ahead of a decision on Turkey customs union and arms embargo on 12 December

Comment today:

  • Ex-General warns Turkey will use S-400 Missile systems to to offset Greek air superiority if they push forward with purchase and and use of US F-35 fighter jets.
  • Says "When Ankara deploys the S-400 in the Aegean Sea and the eastern Mediterranean, it will allow Turkey to establish regional superiority over both Greece and other countries in the region that conduct provocative policies" - Ahval

FX Impact

  • USD/TRY has shown very little reaction to the rising sanctions risk premium, with focus remaining on today's landmark CBRT meeting.
  • However, we may see this return post meeting with price action becoming more sensitive to sanctions developments
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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