The Turkish currency has dropped to a record low against the dollar over the political uncertainty, trading at 2.8 lira against the dollar.
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When Turkey took over the helm of the G-20 this year, it hoped to promote an image of an emerging economic power forging a strategy to tackle sluggish global growth and giving low-income nations a stronger voice.Confidence in its $870 billion economy has taken a deep blow this year, after June elections deprived the ruling AK Party of the ability to govern alone for the first time in more than a decade, and resurgent violence in the mainly Kurdish southeast left a three-year peace process near collapse.Concern about the state of China's economy and worries about the Greek financial crisis will be high on the minds of the finance ministers and central banks when they meet in Ankara Friday and Saturday.At their first meeting under the Turkish presidency in February, the finance ministers sketched an uncertain outlook for global growth, with major economies running at different speeds and monetary policies diverging.But as the global economy has worsened, Turkey looks unlikely to be able to play a more decisive role, especially since the man originally tasked with coordinating the G-20 presidency, Ali Babacan, is no longer the deputy prime minister, nor a member of the Cabinet.Turkey has said that implementation of those commitments is critical to the credibility of the G-20 .
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