Yugoslavia Asks to Freeze Debt Repayment
Associated Press
BELGRADE, Yugoslavia —
The government has asked Western creditors for a temporary freeze on its debt repayment, the official news agency Tanjug said Friday.
Tanjug quoted a government official as saying Yugoslavia asked that the freeze stay in effect until negotiations end with foreign creditors. Belgrade hopes those talks will start in late October. Yugoslavia’s foreign debt is almost $20 billion.
Yugoslavia now devotes 40% of its foreign currency income to repaying $2.1 billion in principle and $1.9 billion in interest due this year.
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