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Thursday, January 13, 2011

Loan salvages Turkish submarine deal with Germany

Turkey plans to modernize its submarine fleet.A major loan deal between German banks and the Turkish Treasury has rescued a multibillion-dollar submarine contract between the Turkish state and German shipyard Howaldswerke Deutsche Werft, or HDW.

Turkish officials and HDW had long been in tough negotiations over the terms of finance for the submarine deal, and some industry sources had expected a collapse of talks as they dragged for several months.

Still the Turkish Treasury announced on the last day of 2010 that a financing deal finally had been reached.

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