US and Turkey agree on debt postponement

The United States and Turkey have signed an agreement in Ankara postponing $ 350 million in debts owed by Turkey up to the end of next June. Under the US agreement, Turkey is given a five-year grace period, after which it has 10 years to repay the debts. US officials said the debts may be postponed again after further talks next year. Turkey and members of the Organization for Economic Cooperation and Development reached agreement in July on rescheduling nearly $3 billion in debts.