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"The Enemy Of My Enemy": Snubbed By Trump, Erdogan Turns To Merkel

Before Turkey's president got caught into a growing feud with Donald Trump, Erdogan's arch-nemesis was Germany's chancellor Angela Merkel following a spat of the treatment of Europe-headed migrants which culminated with Germany pulling its troops from NATO bases in Turkey, while Erdogan urged Germans not to vote for Merkel.

Well, may not anymore, because in a clear example of why the "enemy of my enemy is my friend", Bloomberg reports that the two leaders broke the diplomatic ice and during a phone call today, Merkel said that the "Turkish economy's strength is important for Germany." They also discussed the current situation and agreed on a meeting between Treasury and Finance Minister Berat Albayrak and the German ministers of economy and finance.

The leaders asserted their commitment to strengthen Turkish-German cooperation with more high-level talks and visits, and also discussed bilateral relations and the situation in Syria, Daily Sabah reported. Erdoğan will travel to Germany on Sept. 28 for a two-day state visit, where he is expected to hold talks with Merkel.

And it's not just Merkel: tomorrow, Erdogan is set to speak with France’s President, Emmanuel Macron.

So will Germany come in and rescue the struggling Turkish economy, even as Trump does everything in his power to torpedo it? While many hurdles remain, the Turkish Lira is clearly buying it, with the USDTRY trading near session lows, just below 6.10, far below the 7.23 level it hit late on Sunday.