This morning the Financial Times reports that the ECB’s wing that looks at the performance of the EU’s biggest banks, took a closer look at European lenders’ outstanding loans to the Turkish nation, its corporates and retail over the last couple of months. Seeing as the lira has lost about 40 per cent of its value this year, slipping up to 5 per cent at one point yesterday, it’s probably a bit of a late start. The Bank for International Settlements estimates that local lenders and foreign-owned subsidiaries have US $148 billion and €110 billion outstanding. Spanish banks are owed $83 billion, French ones $38 billion and Italian ones $17 billion by Turkey.
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