Turkey enjoyed booming growth during Erdogan's first decade in power.
Foreign investors began to leave the once promising market and now hold less than one percent of Turkey's bonds -- down from around 20 percent in 2015. The cost of living crisis pushed Erdogan into his first election runoff in May, which he won with the help of a massive spending pledge for his political base.
He pledged repeatedly on the campaign trail that Turkey would never raise interest rates while he was president.
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