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Turkish banks press ahead with football club debt restructuring

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ANKARA (Reuters) - Turkey's banking association said on Friday that the restructuring of the mounting debts of the country's top football clubs was moving forward, adding that the debts would be matured for five years, with two years without paying the principal on the loans.

In January, the Turkish banking Association said Turkey's top football clubs, such as Fenerbahce and Galatasaray, will have their debts restructured but not written off, in a move to ease their spiralling debts.

"It is not possible to transfer the debts of football clubs to a bank, and each bank will continue to manage its own credit risk," it added.

 

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