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Weekly Review of Developments in Slovene Economy from 24 February through 2 March

Ljubljana, 3 March - Slovene Parliament adopted Thursday the bill on taking over part of the debt, according to the 1998 New Financing Agreement, and on issuing bonds to be received by foreign creditors. Adopted by 44 votes "for" and four "against" in an anonymous voting, the law represents final financial independence of Slovenia from the former Yugoslavia. It defines, legally and formally, the obligations of Slovenia to foreign commercial creditors, originating form the period of ex-Yugoslavia. According to the Law, Slovenia will take over a share of the debt amounting to US$ 974 million in accordance with the New Financial Agreement (NFA), while after excluding the so called connected persons this amount will be US$ 822 million. The Slovene debtors will become debtors of the Republic of Slovenia, while the Republic of Slovenia will become foreign creditors' debtor on the day when the bonds are issued.

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