Deutsche Bank, long considered Germany’s economic pride and joy, is coming under pressure as investors are in panic mode after its financial strength has come under scrutiny. With a recent U.S. Justice Department demand of $14 billion against Germany’s largest bank, shares of the company have hit record lows, prompting talks of a possible government bailout. Such a bailout would be seen as disastrous to the German economy, but Turkey teased an alternative that would turn Deutsche Bank into Turkish Bank.
“make Germany’s biggest bank into Turkish Bank!!”
Yigit Bulut, a chief adviser to Turkish President Recep Tayyip Erdogan, went on Twitter to take advantage of the economic stress, tweeting: “For months on TV programs, I’ve been calling on Turkey’s private and public capital: ‘Some very good companies in the EU are going to fall into trouble and we need to be ready to buy a controlling stake in them.’” Bulut then went on to direct a message to President Erdogan, asking, “Wouldn’t you be happy to make Germany’s biggest bank into Turkish Bank!!”
The threat is mostly being seen as power play by the country as it try’s to position itself as a major economic player. The tease alone though shows signs of the tension that exists between both countries, in which Erdogan has held the refuge crises over German Chancellor Angela Merkel’s head.
Investors have largly dismissed the Turkish threat and are instead more focused on a rumors of a possible German bailout — something both Deutsche Bank and the government have denied.