Erdogan finally wrote off the euro. Turkey is not to join the euro-zone even though the bid to join the EU remains on the table. He called on EU countries to either formally reject Turkey or to carry on with the negotiations. Instead of a one-size-fits-all membership for Turkey, he wants a membership with the possibility of opting in or out of various club activities. For example, the common currency area is definitely an opt-out for Turkey. Instead, Turkey will work on a Turkish Lira based free trade area. Erdogan's ideas are inspired from British views on the EU. As a matter of fact, he admitted that he has received sound advice from friends in the EU. The Turkish press carried stories on these landmark developments earlier this week but the English-language press is only catching up only now. 

A

http://blogs.wsj.com/emergingeurope/2012/11/01/erdogan-hints-at-turkish-lira-currency-bloc/

http://blogs.wsj.com/emergingeurope/2012/08/29/turks-to-eu-no-thanks/