Turkish banks have become the debt-raising branch of the government. Estimates suggest that between 40% and 50% of the total assets of the banking system are treasury bonds denominated in Turkish lira or Eurobonds. This ratio is in reality larger than it appears because the bulk of banks’ assets are not cash but real estate and shares in non-bank affiliates. Loans to businesses constitute no more than 15% to 20% of assets, according to Global, an Istanbul-based securities company.
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