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New Way of Paying Off Old Debts

Slovenia will cease to pay its obligations directly to the account of the Consortium of Commercial Banks as of tomorrow, and will henceforth use a special, so-called fiduciary account, opened for this purpose in Luxembourg. The reason for this decision, adopted at the government session on January 13, was the fact that during the course of negotiations Slovenia and the Consortium of Commercial Banks failed to reach an agreement on paying off Slovenia's 16.39 per cent share in allocated and non-allocated debts of former Yugoslavia. Slovenia insists on paying off 16.39 per cent of the debt, while the Consortium claims that when taking out the loan all the debtors from within the former Yugoslavia (i.e. Slovenia included) bound themselves to a solidarity clause "all for one Ä one for all".

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© STA, 1994