Equities

Reuters reveals Turkey's restructuring stalls as banks, government wrestle with bad debt

Reuters reveals Turkey's restructuring stalls as banks, government wrestle with bad debt

Reuters exclusively reported that efforts to clean up Turkey’s bad debt have stalled after bankers rejected or put on hold initial plans, 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.