Hosting new elections in Istanbul is dangerous for Turkey. F T

The British esteemed newspaper "Financial Times" has published another analytical article regarding the decision of Turkey's central electoral commission to annul the Istanbul mayoral elections and hold them again on June 23, reports Ermenihaber.am.

Previously, the outlet published a similar article stating that the annulment of the Istanbul mayoral elections has heightened the risk of political chaos in the country.

In a publication titled "Turkey is gravely departing from democracy," it is noted that although holding new elections represents another chance for Turkish President Recep Tayyip Erdoğan and his ruling Justice and Development Party, it carries significant economic and political risks.

First, the Turkish people may lose faith in a peaceful democratic process, especially if the AKP wins in the second elections.

The decision could worsen Turkey's economic situation. Regarding economic risks, the article mentions that the annulment of elections will negatively affect the Turkish lira and the economy in general.

Moreover, it is stated that investments in Istanbul could decrease due to the annulment of the elections. According to the article, foreign investors, already hesitant to invest in Turkey due to Erdoğan's policies, will now find the situation even more challenging.

According to the author, the expected political uncertainty in Istanbul during May and June will inflict significant harm on Turkey's economy.