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Derviş to swap debt

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Derviş to swap debt

Turkey to swap lira debt with foreign currency debt...


“We would like to re-profile our debt a little bit and lengthen maturities. We would like forex-based instruments with maturities which could go from two- to five years,” the Turkish economy minister said, stressing that any deal would be “voluntary” and “market oriented”. Analysts have said Turkey could seek to restructure as much as $4-$5 billion of debt. Asked whether that figure was correct, Derviş said: “It is about in that ballpark”. Dervis said that the country’s new agreement with the IMF commanded wide support from politicians which meant it stood a greater chance of success. He said that the prior agreement with the IMF, based on a peg between the lira and a basket of dollars and euros had been destroyed by a combination of high energy prices and the weakness of the euro, causing a damaging reaction in financial markets when the peg, aimed at slashing inflation, finally broke this year. “I think starting in November I would personally think the peg was no longer really credible,” he said. However, Turkey may still reap some benefits from the reduction in inflation expectations brought about by the former system. “It did have a useful role, it did break inflation expectations and we might even benefit from that,” he said.

       

       

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Turkey to swap lira debt with foreign currency debt...