Ahmet Davutoglu's resignation leads to a flux in Turkey-Europe relationship.

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Everyone is in shock after Turkey’s prime minister; Ahmet Davutoglu announced his resignation on May 5th! Didem Buhari Gulmez wrote that “the resignation reflected a wider split within Turkey over the need for security-oriented policies, the validity of the deal between Turkey and the EU over refugees, and the aim of Turkey’s President, Recep Tayyip Erdo?an, to move the country toward a presidential political system.”

 
Turkey's former prime minister Ahmet Davutoglu. Source: Financial Times

Davutoglu’s resignation also puts the very new Europe and Turkey deal regarding Syrian refugees in danger. The ongoing negotiations over the EU-Turkey deal, which focus on Turkey agreeing to the readmission of refugees in return for financial assistance worth 3 billion euros and a facilitated visa scheme for Turkish nationals, have raised some hope that the refugee crisis could bring about a ‘strategic rapprochement’ between Turkey and Europe.

Apart from this, Davutoglu’s sudden resignation stirred tension amidst local media and anti-AKP analysts about a palace or civilian coup occurring, however, this only remains a speculation. On the contrary, ever since Prime Minister Davutoglu’s resignation the lira has fallen 2.7 percent since Wednesday and 4.5 percent since Monday. Similarly, Turkish stocks have also experienced a downfall by 2.9 percent over the past two days and 7.8 percent for the week.