권역/국가

1993

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중동부 유럽>불가리아>개방

자료정보

문헌 정보 : 경제
소장처 정보 : 소장처

저자

By Ernest Beck

발행처

Wall Street Journal

발행일

1993-05-07

요약

SOFIA, Bulgaria -- The government of Bulgaria is still far away from reaching a rescheduling agreement on its $12.5 billion foreign debt and isn't likely to ever pay off the entire amount, according to Emil Harsev, deputy governor of the Bulgarian National Bank. Bulgaria is struggling to regain its international creditworthiness after declaring a unilateral moratorium in 1990 on all interest and principal debt repayments. At the time, the socialist-led government, elected after the fall of communism, faced a severe liquidity crunch as the country's money reserves were almost exhausted. Token Repayment In 1992, with a spurt of export-led growth increasing reserves, the Bulgarian government authorized a token repayment of $80 million, representing 20% of overdue interest. The move was seen largely as a goodwill gesture to get talks with the London Club of commercial banks, which holds 80% of the debt, moving again. One year earlier, Bulgaria reached agreement with the Paris Club, which holds only $1.6 billion of the debt, on a 10-year rescheduling plan that allowed a six-year grace period.

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