A dramatic night seems to result in the current regime led by Erdogan taking back control of the country. No less than 1500 rebels have been arrested and at least 90 people were killed. TV stations are back under government control and president vows revenge on the coup organizers. The coup happened when he was on vacation in Marmaris. Using Face-Time, he spoke with CNN Turk and called for civil disobedience. It seems that those opposing him did not have the support of other factions in the military and neither the police or the people.

The first reports about the coup attempt came as markets were about to close. EUR/USD slipped on risks to Europe from the big country next door. USD/JPY fell on safe haven demand for the Japanese currency.

These moves could be reversed when Asian begins the new week late on Sunday. However, the crushing of a rebellion is not akin to clicking Control+Z – the situation will never be exactly the same. This could have long term implications on the country that is a gateway for Syrian refugees to Europe.

The coup attempt is also a huge reminder of the instability all around the world.