Košice agrees debt plan

CITY COUNCILLORS in eastern Slovakia's Košice have approved a debt restructuring plan that will allow a Sk1.7 billion ($38 million) burden to be paid down with a Sk700 million new line of mid-term credit.

The debt was racked up largely during the mid-1990s when current President Rudolf Schuster was the city's mayor, and launched a major reconstruction drive.

The debt repayment plan is to include the sale or lease of many city assets, and the placing of all assets under the control of creditors until the loans are repaid.

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