Exclusive: Turkey's restructuring stalls as banks, government wrestle with bad debt [Reuters]
TURKIYE GARANTI BNK S/ADR (TKGBY)
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Source: Reuters
Exclusive: Turkey's restructuring stalls as banks, government wrestle with bad debt - Reuters 7 Min Read ISTANBUL (Reuters) - Efforts to clean up Turkey’s bad debt have stalled after bankers rejected or put on hold initial plans, according to people familiar with the matter, frustrating the country’s attempts to leave behind the worst of last year’s currency crisis. Interviews with more than a dozen bankers, company executives and advisers show that there has been little progress over the past three months with plans to help lenders to Turkey’s construction, real-estate and energy companies that can no longer afford roughly $20 billion of debt. “Everything is just at a standstill,” said a banker involved in discussions between lenders, companies and government officials, who asked not to be named. “The government and everyone is in wait-and-see mode before they take any further action, and people are looking to next year.” A key obstacle has been a lack of appetite by both the debt-la
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