Erdogan Says Turkey Will Start Operation in Syria Within Days

(Bloomberg) -- Turkey will start a new military operation against U.S.-backed Kurdish militants in northern Syria within a few days, President Recep Tayyip Erdogan said on Wednesday, a move that could again escalate tensions with Washington. Turkish shares and the lira fell after the announcement.

Turkey has repeatedly threatened over recent months to extend its offensive against the YPG Kurdish militia east of the Euphrates River. The fighters, which receive support from the U.S. in their joint fight against Islamic State jihadists in Syria, are seen by Ankara as an affiliate of the pro-autonomy PKK movement, a designated terrorist group.

“We have made our warnings and completed our preparations,” Erdogan said in a speech in Ankara.

He said a recent U.S. decision to set up observation posts in the region aims “not to protect our country from terrorists but to protect them from us.” Turkish forces would ensure American soldiers weren’t targeted in the operation, Erdogan said.

Kurdish Ambitions Test Turkey’s Uneasy Peace With U.S.

The U.S. said last month that it’s establishing observation points in northeast Syria to deter Islamic State fighters that try to flee the middle Euphrates River valley into Turkey.

The Turkish lira weakened to a session low against the dollar after Erdogan’s announcement and was trading 0.3 percent lower at 5.3826 at 2:18 p.m. in Istanbul. The Borsa Istanbul 100 Index erased gains of as much as 0.6 percent.

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