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Turkish crisis exacerbates existing debt problem

Some economists claim that currency traders are over-reacting about contagion dangers.

Businessmen with greenbacks outside a currency exchange office in Ankara. They had been urged to sell their dollar and euro savings to support the lira.

THE Turkish financial crisis exacerbates an emerging market foreign debt problem that has been brewing for some time.

On the face of it, Turkish foreign debt is not too serious. Turkey's foreign currency borrowings aren't too excessive at US$198 billion and 98 billion euros (S$153 billion...

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