Eastern Mediterranean Heating Up

The Eastern Mediterranean has gone from lukewarm to a rapid simmer over the past week. In Lebanon the political winds of change appear to be descending upon Beirut following the massive explosion at Beirut’s port facility on 4 August. The incident reinvigorated protests, and heavy anti-government sentiment across the nation. This morning the Lebanese government saw the writing on the wall and resigned. In an address earlier today Prime Minister Hassan Diab announced his resignation, and his intent to “take a step back,” and “fight the battle for change alongside them.” Diab went on to denounce the political ruling class and lay blame for the explosion squarely on their shoulders. Diab’s cabinet resigned earlier in the day, and it appears now that at least some of them will remain on in a caretaker role until a new government is formed.

The dissolution of Lebanon’s government is drawing considerable attention from Western nations, as well as from some of Lebanon’s neighbors and longtime allies. Questions about the future are being asked, with no answers readily available. What shape will the new government take? Is the present mood in Lebanon one that will see the removal of Hezbollah and its influence from Lebanese government and society? How far is Hezbollah, and Iran willing to go in order to keep the nation afloat and in their corner? Three of many questions that will need to be considered as the situation plays out in the coming days and weeks.

The Greek-Egyptian Exclusive Economic Zone (EEZ) deal is drawing a decidedly negative reaction from Turkey-as was anticipated. The deal is seen as a direct challenge to the EEZ established by Turkey and the Western-recognized government of Libya. On Monday, Turkey issued a Navtex international maritime alert to conduct ‘seismic research operations’ south of the Greek island of Kastellorizo over the next two weeks. The Turkish research ship Oruc Reis and two auxiliary vessels are presently underway to the area. Turkish naval forces are also presently conducting a two-day naval exercise off of Kasetellorizo and Rhodes. The exercise was announced on 6 August, the same day Greece and Egypt signed their EEZ agreement. Greek PM Kyriakos Mitsotakis met with his military chiefs today as both sides exchanged accusations of fueling regional tensions.

While all of this was going on today the lira continued its tailspin, reaching record lows against the dollar and euro. Despite Turkish leader Recep Tayyip Erdogan’s hopes, Turkey’s foreign adventures do not seem to be having a positive effect on the economy. Turkey is dealing with serious economic, and domestic issues. The lira has a history of being influenced by domestic politics. If the economic outlook does not improve soon enough, Erdogan may be faced with the unpalatable choice of either having to request IMF assistance, or call snap elections. Either one will cost him a fortune in political capital and perhaps leave Erdogan and his government in a vulnerable spot at the wrong time.

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