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Montenegro Borrows $53 Million From Erste, Societe Generale

Dec. 31 (Bloomberg) -- Montenegro borrowed 40 million euros ($53 million) from local units of Erste Group Bank AG and Societe Generale SA to make a “fiscal reserve” for the first quarter of 2013.

Erste Bank AD Podgorica lent 30 million euros for five years with a 7.03 percent interest rate, while Societe Generale Montenegro’s 10 million-euro loan has a rate of 6 percentage points over Euribor, the Finance Ministry said in an e-mailed statement today.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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