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Turkey's new cabinet hints at less unorthodox Erdoganomics

Spymaster becomes foreign minister, likely to continue autonomous diplomacy

Turkish President Recep Tayyip Erdogan speaks at the presidential palace in Ankara on May 29. (Photo by Ken Kobayashi)

ISTANBUL -- Turkey's longest-serving leader, President Recep Tayyip Erdogan, has announced a new cabinet headlined by a former London-based banker as treasury and finance minister.

Mehmet Simsek, who was head of fixed-income strategy and macroeconomic research for the emerging Europe, Middle East and Africa region at Merrill Lynch, advocates for a traditional economic policy. His appointment signals a possible departure from the president's unorthodox playbook, symbolized by an obsession with lower interest rates.

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