Turkey's Erdogan takes oath of office, ushering in his third presidential term

ANKARA, Turkey (AP) — Turkey’s longtime leader, Recep Tayyip Erdogan, took the oath of office on Saturday, ushering in his third presidential term that followed three stints as prime minister.Erdogan, 69, won a new five-year term in a runoff presidential race last week that could stretch his 20-year rule in the key NATO country that straddles Europe and Asia into a quarter-century. He took the oath in a session in parliament before an inauguration ceremony to be attended by dozens of foreign dignitaries.The Turkish leader will announce his new Cabinet later on Saturday. The lineup should indicate whether there will be a continuation of unorthodox economic policies or a return to more conventional ones amid a cost-of-living crisis.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.ANKARA, Turkey (AP) — Turkey’s longtime president, Recep Tayyip Erdogan, is to be sworn in for his third term on Saturday.All eyes are on the announcement of his new Cabinet — its lineup should indicate whether there will be a continuation of unorthodox economic policies or a return to more conventional ones amid a cost-of-living crisis.Erdogan, 69, won a new five-year term in a runoff presidential race last week that could stretch his 20-year rule in the key NATO country that straddles Europe and Asia, into a quarter-century. The country of 85 million controls NATO’s second-largest army, hosts millions of refugees and played a crucial role in brokering a deal that allowed the shipment of Ukraine grain, averting a global food crisis.Erdogan is scheduled to take the oath of office in parliament, followed by an inauguration ceremony at his sprawling palace complex. He is scheduled to reveal the members of his new Cabinet during a separate ceremony later on Saturday.Dozens of foreign dignitaries are traveling to attend the ceremony, including NATO Secretary General Jens Stoltenberg and Carl Bildt, a high-profile former Swedish prime minister. They are expected to press Erdogan to lift his country’s objections to Sweden’s membership in the military alliance — which requires unanimous approval by all allies.Turkey accuses Sweden of being too soft on Kurdish militants and other groups that Turkey considers to be terrorists. NATO wants to bring Sweden into the alliance by the time allied leaders meet in Lithuania on July 11-12, but Turkey and Hungary have yet to endorse the bid. Hungarian Prime Minister Viktor Orban will also be attending the ceremony.According to state-run Anadolu Agency, other leaders in attendance include Azerbaijan’s Ilham Aliyev, Venezuela’s Nicolas Maduro, South Africa’s Cyril Ramaphosa, Armenia’s Nikol Pashinyan, Pakistan’s Shahbaz Sharif, and Libya’s Abdul Hamid Dbeibah.Erdogan takes the oath of office amid a host of domestic challenges ahead, including a battered economy, pressure for the repatriation of millions of Syrian refugees and the need to rebuild after a devastating earthquake in February that killed 50,000 and leveled entire cities in the south of the country.The country is grappling with a cost-of-living crisis fueled by inflation that peaked at a staggering 85% in October before easing to 44% last month. The Turkish currency has lost more than 10% of its value against the dollar since the start of the year.Critics blame the turmoil on Erdogan’s policy of lowering interest rates to promote growth, which runs contrary to conventional economic thinking that calls for raising rates to combat inflation.Unconfirmed media reports say Erdogan plans to reappoint Mehmet Simsek, a respected former finance minister and deputy prime minister, to the helm of the economy. The move would signify a return by the country — which is the world’s 19th largest economy according to the World Bank — to more orthodox economic policies.