I am sure that the fund managers in the City of London or New York’s Manhattan or Frankfurt’s financial distrcit are very surprised. They may even be shocked. I am quite sure that many fund managers and bankers who have helped Erdogan's government stay in power for so many years by channelling their hot money to Istanbul’s stock market are now calling their brokers in İItanbul. 

This year’s presidential race in Iran was dramatically shaken this week by the news that Ali Akbar Hashemi Rafsanjani had announced his candidacy. Although Rafsanjani has fallen out of favour with the regime in recent years, it is quite possible that his bid could be successful.

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