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Slovakia leaves ČSOB debt unchallenged

THE SLOVAK cabinet has decided not to appeal against an
order to pay Czech bank ČSOB Sk24.8 billion (€648 million) according to the SME daily.

An international arbitration tribunal in Washington made the order over a dispute stemming from the break-up of Czechoslovakia into two republics in 1993.

The first Sk16 billion will be paid by February 11 and the whole debt will be paid by January 1, 2006, said Finance Minister Ivan Mikloš.

Although the cabinet considered the possibility of appealing against the verdict, Mikloš said that after analyzing the case, experts considered “it would be difficult to challenge the sum” the court had ordered Slovakia to pay.

According to Mikloš, the agreement with ČSOB on the settlement of the debt will enable the government to pay the money from privatization proceeds.

That means the country will not have to borrow money on the money markets.

Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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