U.S. threatens more Turkey sanctions if pastor not freed

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Some Erdogan supporters at his ruling party's congress to elect a new executive branch wore shirts with the lira sign.

The crisis has prompted widespread selling in other emerging markets, sparking fears of a global crisis.

"Turkey did not and will not surrender to those which try to make Turkey as a strategic target", he said in reference to the USA without naming the country.

In a pre-recorded address to mark the four-day Eid al-Adha festival, which starts on Tuesday, a defiant Erdogan said the aim of the currency crisis was to bring "Turkey and its people to their knees".

"There is no difference between the attack on our economy and the attack on our prayer and our flag". The goal is the same.

"Those who think they can make Turkey give in with the exchange rate will soon see that they are mistaken", Erdogan added.

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The US has threatened to impose more economic sanctions on Turkey if it does not free a detained American pastor. Turkey is a member of the North Atlantic Treaty Organisation (NATO).

On Friday, Turkey's battered lira weakened 3 percent after a Turkish court rejected Brunson's appeal for release, drawing a stiff rebuke from Trump, who said the United States would not take the detention "sitting down". At certain moments of trading, it was trading at against the us currency at the level of 6.1 liras to the us dollar, thus depreciating by 5%.

Ratings agencies Standard & Poor and Moody's downgraded Turkey's credit rating further to "junk" status, pointing to currency volatility and concerns over central bank independence.

Turkish sovereign dollar bonds rose across the curve, with some issues gaining around 1.5 cents.

Qatar and Turkey's central banks last week signed a $3-billion currency swap agreement, a move created to provide liquidity and financial stability.

The German finance minister said on Monday the Turkish currency crisis posed an additional risk to Germany's economy.

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