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Wordcount: 1665
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LENDING AND CREDITOR RIGHTS
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Why is it that banks in emerging markets are always getting bankrupt? Financial systems around the world have been very unstable. For example, in Turkey, the Milliyet Daily, March 28, 2001, wrote - “Turkish banks taken over by the government are owed about $12 billion by customers that have defaulted on loans. Some 80% of the bad loans were those given to companies that belonged to the banks’ former owners. Many loans were transferred to the companies controlled by bank’s owners, endangering the stability of the lenders. Economy Minister said in Washington the country needs about $12 billion from international lenders… [which] will be used to inject cash into ailing banks.”.
Standard & Poors in November 2000 had the following comments
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