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Turkey is entering into an election economy at precisely the worst time, both from a Turkish and a global economic perspective. President says credit card debts can be covered with loans from govt bank and 2.5m will receive support to pay electricity bills.
Where exactly Ziraat Bank is getting all this money from is unclear. In the last week, the bank has been touted as the lender both for defaulting credit card debt and Turkey’s economically parlous football clubs.
Ziraat means agriculture. The bank that used to act as a lender to farmers is now being used to prop up consumers who went too far on credit cards and football clubs which have run up billions of debt on 30+ aged star footballers. Not convinced this is sensible.
