against the dollar today. you had in says we'll have more on that story on the big news coming up shortly you're watching the news coming to you live from sunday. when. he takes a little personally you already with a little bit wonderful people in stories that make the game so special. for all true fans my sunday night. become more than football online games reputation murder were plenty arsonist loose. tyrants. the roman

emperor nero. to just get bad press. remount historians are reexamining this case fled rethinking nero for his history been unfair to the infamous emperor starts aug fourteenth on g.w. . the total. as the us imposes sanctions on ministers and talk us president cabinets over the case of an american pastime how then turkey that it's fresh lows of inflation a fifteen year high of washington miles new sanctions on iran and western companies and investors are getting cold feet president trump has threatened to also punish those trading with iraq. this is d w business.

alpha's welcomes turkey's dispute with the united states over the fate of u.s. pastor and drew bronson is threatening to further destabilize the lira the u.s. has imposed further sanctions on two ministers and president out of one's cabinet after months of plunging exchange rate the turkish currency has now hit a fresh low against the dollar inflation also rose in july to nearly sixteen percent that's a fifteen year high increase in pressure on the central bank to hike interest rates . for days one issue has been dominating the front pages of turkey's newspapers the country stacked with the united states has fueled fears a full blown economic turmoil. at the center of the dispute is u.s. pastor andrew bronson seen here in a white t. shirt turkey accuses him of helping to plot a failed military coup in twenty sixteen after spending twenty one months in jail

he was transferred to house arrest at the end of july to speak about that didn't go far enough for u.s. president donald trump who swiftly imposed sanctions on two senior turkish ministers. that in turn caused the lira to slide to a record low against the u.s. dollar continuing and already existing trend take a look at this. as you can see the number of turkish lira you need to buy a dollar has been rising since the beginning of the year but in august a record was set by turkish lira and now buying you just one u.s. dollar on surprisingly on the streets of istanbul the mood is far from upbeat. things aren't going in a good direction it's terrible that one u.s. dollar is now worth five lire we really have financial problems i don't approve of it things will get worse that's what we're expecting. turkey's dispute with

washington isn't the only factor affecting its economic prospects concerns over the independence of the country's central bank president ed one's ability to tackle soaring inflation are among other issues weighing on investors' minds. and this just goes beyond just this dispute between the u.s. . let's bring in. professor of economics at the university. joins us now from. how dramatic is the situation in turkey and how is everything. you know we need to see that these sanctions imposed by the u.s. are so cold smart sanctions and they aim on a very specific problem but at the same time they tried not to harm the whole economy so the direct effect of the sanctions i would not see a big one i would not expect a big one the reason why we have seen such

a big reaction last week on the exchange rate originates from the general problematic economic conditions inflation has risen again current account deficit is increasing so the country is moving towards a serious financial crisis day by day a crucial question is the sanctions have a signal and the question is whether other countries will react in a similar way and their financial investors serving the reactions very clearly turkey's worship with europe is also on the rocks but what role can the e.u. play in this dispute. yeah exactly the question is the americans have reacted very clearly because a one single pastor there or thirty german citizens and there are increasing war he says that europe should also take such strong steps but one need to bear in mind that turkey has different interests with the european union compared to the us or

was it worse that we have a migration deal as europeans with turkey we have also this financial integration a large extent of these loans in dollars and your terms for turkish companies are coming from italian banks from spanish banks so i'm skeptical that europe can act as heavily as the us with respect to sanctions and the question is also whether we should do it because a collapsing financial system in turkey will have having costs also for europe just let's talk more about that is a is a collapse really eminent and in which way would it be limited to turkey turkey or would it would it have further consequences. so it is no exaggeration that turkey is moving towards a financial collapse because it's a tragedy how can an economy stabilize the exchange rate and the current account by

keeping this high growth rate so there is no signal that there is a political will to reduce the kinds onsen based growth rates at the same time if this collapse comes of course we have a large amount of loans in italy and we know at the same time that italian banks have been in troubles for months just remember after the elections how critical the situation was in europe and if turkey the financial system collapse and turkey the central bank in europe has also again to bail out italian banks and that will trigger a political conflict again and europe so in this bigger picture destabilizing turkey is not in the interest of the european union i don't they are saying thank you very much for this analysis and iran demand remains high for stay healthy out industrial equipment but a growing number of companies of potential investors are getting cold feet to do

business that since president trump is threatened to punish those trading with iran a joint statement from european union's foreign minister that says the bloc will do what it can to help keep trade open. as the middle east director of german packaging machines maker multivac amir so today often works weekends too. he's based in the united arab emirates and serves customers in afghanistan pakistan and the gulf states. today a customer from tehran has come to look at a machine for packaging fresh dates demand remains high in iran for state of the art equipment. but since washington announced its withdrawal from the around nuclear deal and new sanctions amir so today has been struggling to make money in his native iran we see recent developments or changes. i would say it's more mental. difficulties into the market and lots of

banks. investors are just watching and observing what we did future because that's a student ought to have a clear picture for any big company is how it goes. hopes were high when iran emerged from international isolation three years ago following the signing of the nuclear agreement in business terms of a market with eighty million consumers together with huge demand and potential for a modern infrastructure and production machinery while there have been preliminary talks and very tentative plans on joint ventures so far new international investment has barely materialized likewise based in dubai swiss consultant z. . advises european firms looking to do business in iran. he's noticed a growing number of companies getting cold feet since president trumps threats to punish those trading with iran. they also want to know what its commitment required

to do good business in iran is enormous despite the profits to be potentially made right now companies see the costs involved as too great a risk. to cause. a simple sales manager amir so today can only hope for better times for now he's continuing to offer after sales service to his a rainy and customers even if currently they cannot buy any of the machines each costing several hundred thousand euros. we are getting more difficult because every bank hesitates to iran business and they don't like to do. any transaction with iran so a lot of customers they don't know how to pay for our service charges and how key support. and this can be because european technology is in demand in iranian industry but chinese and russian firms are ready to fill any gap in supply which for multivac would mean

a serious loss in business. let's bring in our financial correspondent in frankfurt call it after the sanctions were lifted a few years ago german engagement in iran has only come back very slowly how much of a risk is this now for western businesses. well you know german businesses exported goods and services to iran worth around about three billion euros in twenty seventeen while the total amount of german exports to the world. dealy one thousand three hundred billion so in terms of numbers of sheer exports the effect of this will likely be limited but make no mistake gary hart a bank for example that wants to continue to do business with the united states and even that once you continue using the u.s. dollar as a currency will likely think twice before it forwards and is transaction between

europe and iran as in the past the americans have shown that they are willing to find hosley companies if they act against the sanctions. the german ministry for the economies wants to keep trade open but what can it really do brief review. well the german ministry guarantees export and investments by german companies in iran and it will continue to do so of course the german authorities don't say what happens when a company here a german company gets fined by the americans models in frankfurt thank you. thank you also for the problem of all the. cuts.

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