The Sticky Problem of Russia's Old Red Ink
It increasingly looks as though Russia will soon sign an intermediate agreement with the Paris Club of sovereign lenders, inking a deal that could adjust its debt-servicing levels for the next 25 years. "We think it makes sense at the moment to reach a deal with the Paris Club about restructuring outstanding payments," says Sergei Kolotukhin, deputy minister of finance. "That could mean reaching a deal similar to the temporary one we reached with the Paris Club on Aug. 1, 1999."
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