Conversion of Bulgarian Brady Bonds: Five Years After
AbstractIn 2002 Bulgaria performed some operations with its government external debt. These operations were unique in its history in terms of their size. In spring, two types of global bonds were issued - for EUR 535.5 million and for USD 513 million. During the fall of the same year there followed another issue of global bonds for USD 759 million. Those global bonds were used to buy back and exchange the Brady bonds already in circulation. The managerial team acted trying to get a financial advantage of the operations carried out. Five years later one can draw up a complete balance of the outcomes. They are disastrous for Bulgaria. Not a single hypothesis of the managerial team has been confirmed. The projections were carried out unprofessionally and incompetently. On the other hand, however, the counterparts (investors) could not have lost. In the end, the country has paid about one billion EUR more to service its external debt.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought - Special Issue in English.
Volume (Year): (2007)
Issue (Month): 7 ()
Find related papers by JEL classification:
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bulow, Jeremy & Rogoff, Kenneth, 1990. "Cleaning Up Third World Debt without Getting Taken to the Cleaners," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 31-42, Winter.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vassil Zahariev).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.