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China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

March 2007

Turkey gets a foreign bank makeover

Turkey’s open-door approach to foreign investment is paying dividends, with international banks helping to boost balance sheets and widen the range of products and services in the sector. Guy Norton reports from Istanbul.


ONCE UPON A time the Turkish banking sector was exactly that – almost entirely Turkish in character. In the 1980s there were only a few foreign banks in the country’s financial services sector, which comprised a mix of state and private ownership with a collection of large universal banking institutions and small-sector specific players. Nowadays the banking scene is much more cosmopolitan, with a wide range of banks from across the globe pursuing increasingly aggressive expansion plans to take advantage of an improving economic climate and the consequent increase in the so-called bankability of Turkey’s large and fast-growing population.

International bank participation in Turkey is also being driven forward by the country’s growing political significance – poised to become the most populous country in the European Union within the next 10 years and having a strategic geographical position as a bridge between the developed markets of...


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