How Turkey could bring down the euro
By: Andrew Van Sickle
Italy and Turkey appear to be separate problems – until you remember European banks’ penchant for careless lending. Turkey’s overall foreign-currency debts total about $450bn, says Charles Gave in a Gavekal research note. Turkish banks and companies owe approximately $150bn to foreign creditors, mostly European banks, some of whom have scooped up big stakes in their Turkish peers.
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