BAND CROSSING — Turkey 22.5 → 17.6 (Δ -4.9): Judicial Removal of Opposition Party Leadership Triggers Critical Reclassification
A Turkish appeals court annulled the CHP party congress on May 21, removing opposition leader Özgür Özel and the entire main opposition party leadership through judicial action. Human Rights Watch issued a named condemnation on May 22 explicitly framing the action as an attack on multi-party democracy.
On May 23, Turkish police detained 13 people in a downstream criminal probe of the ousted congress. The Borsa Istanbul dropped 6% on the news, triggering circuit breakers — capital markets independently pricing the event as a structural governance shock.