IMF offers $10bn to ease Turkish banking crisis

The International Monetary Fund said it will provide more than $10 billion in financial support for Turkey to help ease a sharp liquidity crisis that has sent the country's interest rates soaring and depleted central bank reserves.

Horst Koehler, IMF managing director, said in a statement that he is willing to recommend the IMF board approve a new Supplemental Reserve Facility for Turkey of $7.5 billion, based on pledges of financial reforms by the Turkish government.

This money will augment the

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