Getting Out of Lira

[Colwyn]

JohnF
From your knowledge of business in Istanbul, are there any rumours about large companies struggling to service their foreign debt, any sign of prospective bankruptcies? But this may a bit early to expect that.


About CBF Minister of Finance, in the context of Turkey I find that a vile insult - but I've been called worse.

[JohnF]

I cant comment on that.

Ok, it was a bit harsh  

JF

[Scunner]

Nonsense!

Some of them are looking forward to the 14 lira Efes - there's little more impressive about Turkey for them than a beer for a pound.

[JohnF]

Nonsense!

Some of them are looking forward to the 14 lira Efes - there's little more impressive about Turkey for them than a beer for a pound.

Maybe you should have used the quote facility for that reply.

JF

[JohnF]

are there any rumours about large companies struggling to service their foreign debt

Someone just told me that out of overall corporate debt, approx 42% is in foreign currency.  They don't know the breakdown of currencies but reckon a high proportion of it is in USD.  No reason to doubt his figures.

JF

[Scunner]

Ok, it was a bit harsh   

JF

Nonsense!

Some of them are looking forward to the 14 lira Efes - there's little more impressive about Turkey for them than a beer for a pound.

[Colwyn]

JohnF [insert quote here] Yep last week I read it was about 40%. That's why I was asking. Last Autumn Basci promised the $ dollar rate would be 1.92 at the end of the year. I don't suppose many companies believed him but if some did, and made calculations on that basis, I reckon they'll be struggling at 2.29.

[Scunner]

Someone just told me that out of overall corporate debt, approx 42% is in foreign currency.  They don't know the breakdown of currencies but reckon a high proportion of it is in USD.  No reason to doubt his figures.

JF

I wonder if the price of all those shiny new planes Turkish Airlines are buying was agreed in dollars. I bet it was. Don't chuck all those dollar reserves into the currency quite yet Reg...

[suehugh]

Gulsah at Finansbank told me it's 100,00 tl.
Can you tell me who said 30,00 as that's  a real worry.
Just googled and this article seems to back up what she told me
http://www.fethiyetimes.com/expat-zone/money/7402-turkish-bank-accounts-how-secure-are-your-savings-and-deposits.html

Sorry, it was last September at the end of a very long day.It may have been £30k as Scunner indicated.
I will check my facts before I post in future. ( a daily mail reader-well it's free on the internet.)

[kayakebab]

Haha, no worries Sue!