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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: P.T.Burnem who wrote (521)	8/25/1998 2:27:00 PM
From: djane	Read Replies (1) of 1301

I guess that's why we play the game :-) More details on debt restructuring posted below Russia PM, president sign debt plan, details later Tuesday August 25, 1:51 pm Eastern Time MOSCOW, Aug 25 (Reuters) - Russian Prime Minister Viktor Chernomyrdin and President Boris Yeltsin have signed decrees approving a key restructuring of the country's short-term debt market, Russian news agencies said on Tuesday. Chernomyrdin was quoted as saying by the agencies that the details of the debt swap would be released later. The debt restructure involves the conversion of around $40 billion of short-term GKO t-bills and OFZ bonds into longer-term paper, with the aim of cutting the cost of the servicing of domestic debt for the government. The debt restructure was part of a package of crisis measures announced by former prime minister Sergei Kiriyenko last week, which included a 90-day moratorium on some foreign debt and the effective devaluation of the rouble. Many Western investors with open positions in the Russian domestic debt market are eagerly awaiting news of the debt restructure although they have been practically starved of news on its terms. An announcement on the terms of the debt deal was supposed to be announced in the early afternoon of Tuesday. Related News Categories: currency, 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?

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