"As we have seen during the Greek debt crisis, financial markets are sufficiently interwoven that concerns over debt serviceability in one region can spread quite quickly within European banks". "Today I am instructing my friends that we will freeze the assets of U.S. secretaries of justice and interior in Turkey", he said last week.
"Our relations with Turkey are not good at this time!".
"In that sense, the Turkey situation can be a contagion not only in Europe but across emerging markets", Anderson said.
On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 per cent to $1.1450, after the Financial Times reported that the European Central Bank was anxious about possible losses at eurozone banks operating in Turkey. The White House said he had authorised them under Section 232 of United States trade law, which allows for tariffs on national security grounds.
"Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter", she explained. He denies the charges.
Erdogan said that Washington had always "failed to understand and respect the Turkish people's concerns".
These loans make up about 40 percent of the Turkish banking sector's assets. If it fell much further, it might push a lot of Turkish banks and businesses that had borrowed in dollars into bankruptcy - assuming they did not get bailed out first.
"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira".
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"This is a national, domestic battle".
The Turkish president took aim at the U.S. in his address, claiming "some countries have engaged in behaviour that protects coup plotters and knows no laws or justice".
Marcus Chenevix, Middle East analyst at TS Lombard said that Turkey's economy is fragile. It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.
Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence.
Recalling the defeated coup attempt on July 15, 2016 orchestrated by the Fetullah Terrorist Organization (FETO), of which Fetullah Gulen is the ringleader, Erdogan said it was similar to what the American people experienced on two occasions in its history.
US officials have said the courts would require sufficient evidence to extradite the elderly Gulen, who has denied any involvement in the coup.
His cause resonates with Mr Trump's Christian conservative supporters.
Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.
Erdogan enjoys the support of many Turks even though food, rent and fuel prices have all surged. Since the last financial crisis, Turkey has posted impressive growth figures but over recent years this growth has been accompanied by increasing debt. In response, the currency renewed its sell-off.
"I don't think foreign banks will be willing to lend to Turkish banks".