Political Turmoil in Turkey: Istanbul Mayor’s Arrest Sparks Protests and Economic Decline!

Istanbul's Mayor, Ekrem İmamoğlu, a prominent opposition figure and potential presidential candidate, was arrested on charges of corruption and alleged links to terrorism. His detention is widely viewed as politically motivated, aiming to suppress dissent ahead of upcoming elections. The arrest has sparked significant unrest, with thousands protesting in cities like Istanbul, Ankara, and Izmir, despite government-imposed bans and restrictions on social media. Clashes between demonstrators and police have been reported, reflecting deepening political tensions in the country.

Economic Impact:-------

The political turmoil following İmamoğlu's arrest has adversely affected Turkey's financial markets. The Turkish stock market experienced a sharp decline, marking its worst weekly performance since 2008, with a 16% drop. The Turkish lira also depreciated by 3% before stabilizing after central bank intervention. These economic fluctuations underscore investor concerns about Turkey's political stability and future economic policies. 

Call for Judicial Independence:------

In response to his arrest, İmamoğlu has urged the judiciary to resist political pressures and uphold the rule of law. He criticized the erosion of judicial independence under President Recep Tayyip Erdoğan's administration and called on judges to stand against authoritarian practices. Human rights organizations have condemned İmamoğlu's detention as a politically motivated act, highlighting concerns about Turkey's democratic backsliding.

Government's Stance:-------

The Turkish government has criticized opposition leaders for encouraging public protests, labeling such calls as irresponsible amidst ongoing legal proceedings. Authorities emphasize that the legal process should unfold in the courts rather than through public demonstrations, reflecting the administration's intent to maintain control and discourage civil unrest.

Social Issues: Informal Waste Collectors:----

Amidst the political and economic upheavals, social challenges persist. A significant number of Istanbul's residents, including men, women, and children, survive by collecting recyclable materials from the city's streets. This informal workforce operates under harsh conditions, often facing social stigma and economic instability, highlighting the broader socio-economic issues within Turkey.