Serbia ; write off more than half of Serbia’s US$2.8 billion debt

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East-West Debt may 2005 news, update : SERBIA

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SERBIA news in short

The London Club, a group of commercial lenders, has agreed to write off more then half of Serbia’s US$2.8 billion debt to the group and reschedule payments on the remainder over the next 20 years.
The interest rate for the remaining debt of $1.08 billion will be an annual 3.75% over the first five years, and 6.75% for the 15 years following.
The deal with the London Club came three years after Serbia-Montenegro, the Balkan union formerly known as Yugoslavia, agreed with the Paris Club of sovereign lenders to slash the US$4.4 billion owed by Serbia by 66%.

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