Europe banks ALERT: Turkey brink of COLLAPSE fear as Lira PLUMMETS threatening Euro crisis

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Europe banks ALERT: Turkey brink of COLLAPSE fear as Lira PLUMMETS threatening Euro crisis

Post  kelee877 on Thu May 31, 2018 8:00 am




As of last week, the lira was down 17 percent against the US dollar for the year, spooking global investors as many banks have borrowed money from Turkish companies.

On Tuesday, the currency rallied, jumping 5.2 percent on the US dollar to trade at TL4.467 - its strongest week since 2009 - but still down 15.3 percent for the year.

According to figures from the Bank of International Settlements, which measures financial and credit flows, global banks have lent just under €200billion to Turkey.

Spanish banks have lent the troubled country £62billion (€71 billion), ahead of France (£22.6 billion), Italy (£13.6 billion) and Germany (£9.8 billion).

Spain’s BBVA owns almost half of Garanti Bank, the third largest financial centre in Turkey, with this share contributing a fifth of BBVA’s profits last year.

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