Turkish economy never recovered from the devastating Covid-19 shutdowns in April through mid-June. Leading indicators heralded flatlining of activity by August. A chronically sick currency contributed to the fragility of the economy. The Erdogan administration, sensing it lost the battle to defend the exchange rate, took several measures which were well received by markets and Turkish savers. The sudden spike in economic and investor confidence was a fleeting moment, though. Ill-timed and poorly explained foreign policy steps sapped confidence once again, turning currency weakness into higher inflation and corporate bankruptcies to come. Ohh, by the way, the epidemic is still raging. Turkey’s long-suffering economy won’t suffer brain death over night, but perish slowly by thousand small bites—by Erdogan government.