is alberto gallo.arest admission i have ever heard that president toogan once to -- wants intervene in monetary policy, because he will be held accountable. was surprising for me is he did not say this anywhere else. what will it take for him to relinquish? >> it will take nothing short of a global rout in turkish financial assets. we have seen hugely controversial comments from president erdogan, targeted towards an international audience. a lot of us thought his rhetoric was targeted towards the local toestic audience tried espouse more populous kinds of sentiment -- populist kinds of sentiment. but this is a plus he ascribes to. francine: so what does it mean for the lira? will we see more depreciation, will we see investors shy away from turkey? phoenix: i think both. there is a lack -- we have seen the confirmation about these controversial philosophies. going forward, the central bank is less likely to be able to take the aggressive actions they need to to tighten monetary policy aggressively eno