Any one of the following problems would ring alarm bells for an emerging market: a slowing economy, rising inflation, distrustful citizens exchanging local currency deposits for dollars whenever possible, a rising tide of violence scaring away foreign tourists and hurting hard currency reserves and concerned foreign investors eyeing the exit because of a bearish stock exchange and a possible hike in interest rates by the US Federal Reserve.

Not content with just one, Turkey is facing all of those headaches and more.

The country’s “peace process” with the militant Kurdistan Workers Party is all but dead. The war in Syria and the Islamic State (IS) continue to threaten civilians in Turkey.

In this context, because no party secured a majority in the parliament after the June 7 elections and no coalition has been formed, President Recep Tayyip Erdogan has called for early elections to be held on Nov. 1. In fact, Erdogan buried the peace process and launched attacks against Kurdish militants and IS to rally the voters around the flag and lure them back to his Justice and Development Party (AKP). Since June 7, perfectly aware that he would not be able to assert his authority without an AKP majority, Erdogan saw to it that Prime Minister Ahmet Davutoglu will not form a coalition with another party.