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Us 6bil payoff { February 26 2003 } Original Source Link: (May no longer be active)    http://www.nytimes.com/reuters/news/news-iraq-turkey-finance.html http://www.nytimes.com/reuters/news/news-iraq-turkey-finance.html February 26, 2003 Turkey's Babacan: U.S. Offered $6 Billion in Grants By REUTERS Filed at 6:13 a.m. ET ANKARA (Reuters) - Turkish Economy Minister Ali Babacan said Wednesday Washington had offered Turkey $6 billion in grants and an $8.5 billion bridging loan in return for stationing U.S. troops on Turkish soil. He said there was no final agreement. ``These numbers represent the point the Americans have reached. Faxes are coming and going and negotiations are continuing,'' he said. Babacan said $4 billion of the grants would be used to help bolster Turkey's frail economy and $2 billion would be reserved for military use. Each $1 billion in grants would facilitate a $6 billion loan guarantee, Babacan told reporters at the Turkish parliament. That would mean total loan guarantees to Turkey could reach $30 billion. Secretary of State Colin Powell called Prime Minister Abdullah Gul Wednesday to urge swift approval by parliament for the arrival of up to 62,000 U.S. troops to set up a northern front against Iraq in the event of a war. Copyright 2003 Reuters Ltd. | Privacy Policy

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