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Erdogan challenges economy 'game-players' as currency plummets

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By Louise Miner  with Reuters
Erdogan challenges economy 'game-players' as currency plummets

A day after two major ratings agencies downgraded Turkey closer to junk status amid a currency crisis, Turkish President Erdogan says he'll challenge those playing "games" on the economy.

He was speaking at a congress of his ruling AK Party on Saturday.

Turkish President, Recept Tayyip Erdogan says, "Today some people are trying to threaten us through the economy, through sanctions, foreign exchange, interest rates and inflation. We're telling them: we've seen your games, and we are challenging you."

Standard & Poor's cited extreme lira volatility and forecasted a recession next year

Heavy selling in recent weeks has spread to other emerging market currencies and global stocks which has deepened concerns about the economy.

Turkey's battered lira weakened 3% after a Turkish court rejected an American pastor's appeal for release.