Government in Skopje to borrow 500 million euro

By the end of 2015, the government in Macedonia will borrow 500 million euro. The debt is to be secured by emitting a euro bond on international markets. The bond has a maturity of 10 years.

The government says that the amount is being borrowed to pay debts and loans which are due to be paid in 2015 and 2016.

Since 2005, governments in Macedonia have applied a system of euro bonds to cover state budget holes and to pay previous loans.

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(Photo: The foreign and finance ministry buildings in Skopje)