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"It's a lateral transfer" -- George W. Bush, 43rd President of the United States
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  Name:
  Gustav
  Location:
  Warsaw, Poland

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Friday, May 13, 2005

Poland Repays Communist-Era Debt to U.S.

The Associated Press:


Poland on Thursday repaid most of its communist-era debt to the United States, handing Washington $868 million, a government official said.

Deputy Finance Minister Wieslaw Szczuka was quoted as telling the PAP news agency that the payment accounted for all of the money Poland owes the U.S. through the Paris Club of creditor nations - with the exception of $96 million, which has been transferred to an ecological fund.

Szczuka added that Poland plans to pay Sweden the 202 million euros ($258 million) it owes on Friday. However, he said, Poland is awaiting an answer from its biggest creditor, France, on its repayment plan.

With its early payback of part of the money owed through the Paris Club of 19 creditor nations, Poland hopes to save on the high, often fixed interest rates it pays on the debt.

Poland's total debt, which amounts to 12.3 billion euros ($15.6 billion), matures between 2005 and 2009.

3 Comments:



Blogger Andrew said...

Now if they can just afford to pay off that big Kielbasa bill! Seriously this early payment seems to be a good sign- now Bush can spend it on......

5/13/2005 05:47:00 PM  


Blogger Gustav said...

Poland owes the most to France, and is itching to pay it off. Trouble is, Paris likes those regular monthly interest payments. Warsaw's nasty habit of supporting the US is also a good reason not to accept the early payoff.

5/14/2005 04:13:00 PM  


Anonymous Leon Tews said...

Quite agreed.

11/23/2005 04:16:00 PM  

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