If in doubt, blame the markets or foreigners—preferably both.

In the time-honored fashion of embattled governments, Turkey's Prime Minister Recep Tayyip Erdogan is looking for scapegoats. Mr. Erdogan has long complained an "interest rate lobby" of foreign investors has been conspiring to force Turkey to raise rates. Beset by popular protests and a tumbling lira, that rhetoric has intensified. Now Turkish regulators are probing the recent selloffs of Turkey's currency and stocks.

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