Turkey Companies See Lira Ruin After Basci Miss, Onatca Says
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The lira’s plunge has left Turkish companies struggling to service their foreign-currency debts as banks refuse to rollover loans, according to Suleyman Onatca, chairman of the Turkish Enterprise and Business Confederation.
“Companies indebted in foreign currency are ruined,” Onatca said in a phone interview from Istanbul yesterday. “This is an approaching disaster for small companies.”