The ailments afflicting Turkey’s economy that have triggered a surge in bad loans look poised to get worse before they get better.
Non-performing loans at the nation’s lenders climbed to 3.18 percent of total credit in January, the sixth straight monthly increase and the highest proportion in almost five years, according to data this week from the Ankara-based Banking Regulation and Supervision Agency. Bank of America Merrill Lynch and Commerzbank AG said in February corporate distress is deepening in Turkey, making it harder for companies to pay down debts.
This post was published at David Stockmans Contra Corner on March 4, 2016.
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