The Financial Collapse of 2001 Unwinding Message Board

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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding

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To: robert b furman who wrote (945)	8/11/2018 10:02:17 PM
From: Elroy Jetson	Read Replies (1) of 13801

A few Italian banks like Unicredit have lent heavily to Turkey - but they're managed by Italians so it goes without saying, yes? Some French banks have participated in loans syndicated by Turkish banks, but it's a tiny percentage of their total loan portfolio and indexed to Turkish inflation. The only European government exposure is a paltry $30 million the EBRD (European Bank for Reconstruction and Development) invested in Turkish Lira bonds issued by the Swiss-based Migros Co-op, now the largest retailer in Turkey. But the big exposure to the Turkish Migros company is BC Partners, a London-based private-equity firm run by yet another Italian, Francesco Loredan. Migros, the big orange, is also growing fast in Italy and Macedonia, but predictably BC doesn't own any of that. Trump is following the same economic policy pioneered by Recep Erdogan, so remember to laugh heartily at the results.

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