But in recent years, as the lira has fallen, companies with revenues in lira and debts in dollars have seen their burdens expand. Turkey’s medium- and long-term foreign currency debts exceeded $328 billion as of the end of 2018, according to official data, with private companies responsible for about two-thirds. Private companies confronted a further $138 billion in foreign exchange debt due in the next year. Given that Turkey’s overall economic production was about $766 billion last year, these numbers were disturbing. Partnerships between the state and private companies have kept debts off government ledgers.

Source: International New York Times July 08, 2019 09:11 UTC