Turkey to extend new $4.3 bln loan package to companies -TRT

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Turkey to extend new $4.3 bln loan package to companies -TRT

ISTANBUL, June 12 (Reuters) - Twelve Turkish banks will offer companies a total of 25 billion lira ($4.31 billion) as part of a Treasury-backed loan p

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ISTANBUL, June 12 (Reuters) – Twelve Turkish banks will offer companies a total of 25 billion lira ($4.31 billion) as part of a Treasury-backed loan package, state broadcaster TRT Haber said on Wednesday, in what would be Ankara’s […] recession.

The crisis raised the cost of servicing foreign debt for companies who had for years been flourishing on cheap credit, leading to a build up of bad loans in banks.

Finance Minister Berat Albayrak announced in April that Ankara would provide a $4.9 billion to state banks to support their balance sheets. He announced another package in May that would provide banks another $4.9 billion to help bail out some exporting sectors.

Ziraat Bank [RIC:RIC:TCZIR.UL], Is Bank, Halkbank, Garanti Bank, Yapi Kredi Bank, Vakifbank, Akbank, QNB Finansbank, Denizbank, TEB, Sekerbank and Eximbank will participate in the new loan package, TRT said.

($1 = 5.8070 liras)

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