Turkish court rejects 3rd appeal for U.S. pastor's release

Turkish President Erdogan meets with Emir of Qatar Sheikh Tamim bin Hamad al Thani in Ankara

Turkish President Erdogan meets with Emir of Qatar Sheikh Tamim bin Hamad al Thani in Ankara

But a few hours later US Treasury secretary Steven Mnuchin assured president Donald Trump at a cabinet meeting that sanctions were ready to be put in place if US pastor Andrew Brunson, who is on house arrest in Turkey over terrorism charges, is not released.

Calling once again for Turkey to release Pastor Andrew Brunson Friday, President Donald Trump had harsh words for the North Atlantic Treaty Organisation ally before leaving the White House Friday for Southhampton, New York.

Trump later tweeted that the U.S. "will pay nothing" for the release "but we are cutting back on Turkey!".

"We will turn this crisis into an opportunity", Erdogan's spokesman Ibrahim Kalin told reporters, noting that Ankara's response had led to a "rapid improvement process" over the last two days. He went on Twitter to describe the priest as a "great patriot" taken "hostage" by Turkey.

Brunson's lawyer Ismail Cem Halavurt told CBS News on Friday that they may file another appeal with the court as, "depending on the developments, we can apply again".

Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor, which has sparked a diplomatic standoff and battered the Turkish currency. Trump, who counts evangelical Christians among his core supporters, has increasingly championed the pastor's case. They have not acted as a friend...

He also appeared to acknowledge that he was disappointed that Turkey did not release Brunson after the United States helped negotiate the release of a Turkish national being held in Israel.

Mr Brunson denies any involvement.

The lira firmed as far as 5.75 against the dollar on August 15 and stood at 6.1320 at 8:43 ET in a move initially triggered by the Turkish court decision on the Greek soldiers who faced espionage charges.

On Wednesday, the lira traded at 6.4125 to the US dollar, weakening from a close of 6.3577 a day earlier. Turkish sovereign dollar bonds fell, while the cost of insuring exposure to Turkish debt rose. "We are not servants, we are a country of 81 million that stand upright on our own legs!" he said.

Finance Minister Berat Albayrak assured global investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting its banks were healthy and signaling it could ride out a dispute with the United States.

There are signs that the weakness in Turkish currency markets is already spreading.

Economists gave Albayrak's presentation a qualified welcome and the lira initially found some support, helped by Qatar's pledge to invest $15 billion in Turkey.

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