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Erdogan Sworn in for Second Term as Turkish President

12 July 2018

Tayyip Erdogan was sworn in again as Turkey's president on Monday, assuming sweeping powers he won in a referendum past year and sealed in a hard-fought re-election victory two weeks ago.

Erdogan's son-in-law, who previously served as energy minister, assumes responsibility for Turkey's finances at a precarious time.

Mr Erdogan, who was re-elected last month, has vowed to "propel our country forward" with his sweeping new powers.

"Turkey is entering a new era with the presidential oath ceremony on Monday", Mr Erdogan told members of his ruling Justice and Development Party (AKP) ahead of the swearing in.

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The Turkish strongman, 64, who first came to power as prime minister in 2003, won the June 24 elections, steering Turkey's transition to an executive presidential system approved in a 2017 referendum. He said it did away with a "system that heavily cost our country through political, social and economic chaos". Dr. Ali bin Mas'oud Al Sunaidy, Minister of Commerce and Industry arrived in Esenboga International Airport in the Turkish capital, Ankara yesterday to take part at the inauguration ceremony of Recep Tayyip Erdogan as a President of the Turkish Republic for a second presidential term.

The event at parliament in the capital, Ankara, concludes the country's transition from a parliamentary system to an executive presidency, in line with the constitutional changes approved in a referendum a year ago. To his opponents, it is one-man rule and the death of Turkish democracy.

Under the new system, the president takes over the executive branch and forms the government, and appoints vice presidents, ministers and senior officials.

"Today we are making a new start", Erdogan said at the ceremony.

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"Most powers will be concentrated in his hands, there will no longer be a prime minister, and nearly none of the checks and balances of liberal democracies will be present". Few European leaders attended his inauguration - only those from Hungary and Bulgaria - with most from Africa and the Middle East: a sign of his geopolitical realignment. For some, it is the coronation of a new Turkey. Visit MarketWatch.com for more information on this news.

Indeed, if the composition of the Cabinet is analyzed, it is possible to see that with the exception of Abdulhamit Gul, Berat Albayrak and Suleyman Soylu, all the ministers are new.

Current Foreign Minister Mevlut Cavusoglu could in theory continue in his job but reports have said Erdogan may choose his spokesman, Ibrahim Kalin, or even spy chief Hakan Fidan to succeed him.

However, the USA went ahead with a shipment of F-35 fighter jets to Turkey last month.

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Erdogan pledged to build a "strong Turkey" with a powerful defence industry and expanding economy.

Erdogan Sworn in for Second Term as Turkish President