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Thomas Cook owes Turkish tourism sector more than €350 mln

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Turkey’s Tourism Advisory Council said on Tuesday it estimates that Thomas Cook owes the local sector more than 350 million euros ($381.08 million), adding that it was impossible for the amount to be repaid in the short and medium-term, Reuters reported.

Thomas Cook, the world’s oldest travel agency, collapsed last week, leaving more than half a million people stranded around the globe. Turkey’s Tourism Ministry had said it was working with the Finance Ministry to extend a loan package to businesses affected by the collapse.

The Advisory Council, including members of Turkey’s tourism associations, said businesses should be offered a much bigger loan package than the government’s planned 50 million euros — and that it should have long maturity terms, low interest rates and a grace period of three years.

Smaller businesses should be prioritized while extending loans, the council added.

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