Russia PM agrees debt restructure, terms on Tuesday
[Could be a nice rally with less uncertainty in the market...]
Monday August 24, 3:20 pm Eastern Time
MOSCOW, Aug 24 (Reuters) - Russian Prime Minister
Viktor Chernomyrdin has agreed to a proposed plan for a key
restructuring of the short-term debt market and precise terms
are to be announced Tuesday, a government source said on
Monday.
''Having heard the report of the members of the working group (on the debt restructuring),
Viktor Chernomyrdin approved the suggested plan,'' the government source told Reuters.
''The terms for repaying GKO (T-bills) and OFZ (bonds) will be announced on August 25,
1998 after the necessary regulatory documents have been signed,'' the source added.
MOSCOW, Aug 24 (Reuters) - Russian Prime Minister Viktor Chernomyrdin has agreed to a
proposed plan for a key restructuring of the short-term debt market and precise terms are to be
announced Tuesday, a government source said on Monday.
''Having heard the report of the members of the working group (on the debt restructuring),
Viktor Chernomyrdin approved the suggested plan,'' the government source told Reuters.
''The terms for repaying GKO (T-bills) and OFZ (bonds) will be announced on August 25,
1998 after the necessary regulatory documents have been signed,'' the source added.
The source could give no further details on the exact timing of the announcement, or the terms of
the debt deal.
The plan involves swapping around $40 billion of short-term GKO T-bills and OFZ bonds with
maturities to the end of 1999 for longer-term government paper, which will be cheaper for the
cash-poor government to service.
The announcement of the debt restructuring was expected early on Monday morning, but the
sudden sacking of former prime minister Sergei Kiriyenko on Sunday and his replacement with
Chernomyrdin caused the delay.
The conversion of the short-term debt was part of a package of monetary measures announced
at the start of last week. These included a 90-day moratorium on some repayments of foreign
debt and a de facto devaluation of the rouble.
Related News Categories: international
Help
Copyright c 1998 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is
expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or
delays in the content, or for any actions taken in reliance thereon
See our Important Disclaimers and Legal Information.
Questions or Comments?
|
