Turkeys parliament will consider a measure allowing companies to restructure or reduce large swathes of debt with banks, local media reported on Tuesday.
The scheme will resemble the Istanbul Approach, the pro-government Sabah newspaper said. The three-year plan was introduced after Turkeys financial crisis in 2001 and helped thousands of large and small-scale enterprises avoid bankruptcy and repay loans under a consensual framework with banks.
The draft plan will allow restructuring of debts over two years, Sabah said.
Turkey is seeking to help the nations firms deal with a mounting pile of debt exacerbated by a currency crisis that peaked last year, a surge in interest rates and annual inflation of almost 16 percent. The crisis has …
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