Tayyip Erdogan, a Turkish president, is aiming to bring home a presidential victory that will extend his reign into a third decade and maintain the balance of economic and foreign policies that have set the country apart on the global stage.
Erdogan, 69, defied opinion polls that had projected a slim win for opponent Kemal Kilicdaroglu, 74, in the first-round vote for the presidency two weeks ago, sending the currency to new depths and corporate bonds and stocks tumbling. The pair now face each other in Sunday's runoff, with the momentum behind the governing alliance led by his AK Party holding its majority in parliament.
He focused his campaign on restoring Turkey's credibility among international investors, ending the authoritarian style of leadership and bringing back corruption from state institutions. A win for him would mean the end of Erdogan's dictat that the only way to fight inflation is to cut interest rates, rather than raise them. Now that appears less likely, financial markets are bracing for more pain.
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