The Turkish president spoke after efforts to form a coalition government failed.
Recep Tayyip Erdogan said Turkey is rapidly heading towards a new election. He will now consult the parliament speaker on the formation of an interim government ahead of the new election.
Many believe that Erdogan is betting that a new vote could revive the support that his AK Party has enjoyed for years.
He is also keen to reshape Turkey's political system where the president would have power to control government affairs.
But isn't that a gamble? And what does political instability mean for Turkey?
Presenter: Jane Dutton
Sinan Ulgen, visiting scholar at Carnegie Europe and Chairman of the Center for Economics and foreign policy studies, an independent think-tank.
Kilic Kanat, research director at SETA foundation and assistant professor of political science at Penn State University.
Ege Sechin, Turkey specialist at IHS country risk and political risky analyst.
Source: Al Jazeera