Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Poland manages to massively reduce its foreign debt burden to the Paris Club.
Warsaw Business Journal ^ | 26th August 2005

Posted on 08/26/2005 9:13:10 AM PDT by lizol

Poland manages to massively reduce its foreign debt burden to the Paris Club

From Poland A.M.

Poland's debt to the Paris Club has diminished by 42% as compared to the end of 2004, when it amounted to EUR 12.3 billion.

The government managed to totally pay off countries such as Germany, UK, USA, Switzerland, Netherlands, and Sweden. Poland still owes the Paris Club EUR 7.1 billion, which constitutes nearly one third of the foreign debt, and liabilities with France, Austria, Canada, Japan, Italy, Belgium and Norway still have to be settled. "We are still in talks with the creditors. There is a chance that the government will manage to negotiate some debt reductions," said Pawe³ Kowalewski from the Finance Ministry. He did not want to disclose how much the budget saved on paying part of the debt earlier than planned. According to unofficial sources, the savings amount to hundreds of millions of z³oty, mainly due to lower debt servicing costs. Kowalewski stated, however, that the financial benefit was not the main reason for the early repayment to the Paris Club. "Rather this has to do with the prestige of our country," he said.


TOPICS: Foreign Affairs; News/Current Events
KEYWORDS: economy; parisclub; poland

1 posted on 08/26/2005 9:13:11 AM PDT by lizol
[ Post Reply | Private Reply | View Replies]

To: lizol

Where is this Paris Club? May I join?


2 posted on 08/26/2005 9:29:19 AM PDT by sine_nomine (Protect the weakest of the weak - the unborn babies.)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson