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Cargo money to offset railway debts

MONEY that the Finance Ministry acquires from the privatization of Železničná Spoločnosť Cargo Slovakia (ZSSK Cargo) is to be used to pay off other state railway companies’ debts.

Transport Minister Pavol Propokovič expects proceeds from the privatization to range from Sk15 billion (€390 million) to Sk20 billion (€520 million), which should be enough to settle other state railway companies’ debts.

Economy experts consider the deal to get rid of the railway companies debts as advantageous. Tatra Banka analysts told the SME daily that this deal is in line with current legislation, which obliges the government to use the privatization revenues for pension reforms or to settle state debts.

Compiled by Magdalena MacLeod from press reports
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