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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: John Hunt who wrote (37695)	7/25/1999 6:12:00 AM
From: John Hunt	Read Replies (2) of 116770

Russia Argues for Debt Forgiveness << Russian economic authorities have launched a new campaign, making the case to international lenders that Russia is simply unable to pay its debt. According to Russia's Interfax news agency, Russian officials informed the IMF in a document that Russia's foreign debt amounted to $150 billion, or 90 percent of its GDP for 1999. The document called the figure, "well beyond any realistic threshold for repayment capacity." The document also stated that Russia was still actively trying to reschedule Soviet-era debt accumulated before January 1, 1992, while simultaneously attempting to pay its more recent debts. In an interview published by AP Worldstream on July 23, Russian envoy to international financial organizations Mikhail Zadornov said Russia will see no economic growth for at least a decade unless the debts are rescheduled, because Russia's debt payments to foreign countries almost equal its expected revenue. Russia is supposed to pay between $13 billion and $19 billion per year to foreign lenders until 2008. Zadornov said that while Russia is scheduled to pay out $17 billion of its approximately $20 billion in revenues, these creditors will not see more than $9 billion ... more ... >> stratfor.com

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