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The Active Operations with the External Debt - An Attempt for a Five-year Balance


  • Garabed Minassian


In the year 2002 Bulgaria performed unique in their dimensions for its history operations with the national external debt. In the spring two types of global obligations were emitted – for 535.5 million. EUR and for 513 million USD. During the fall in the same year the global obligations in USD were continued with some new 759 million USD. The emitted global obligations were used for back bye up and exchange for the being in circulation Brady obligations. The activities of the governing party were motivated by the ambition to profit financially by the made operations. Five years later one could already make a relatively complete balance of the achieved results. They are catastrophic for Bulgaria. Not a single of the set hypotheses of the governing party did not confirm itself. The perspective assessments were made unprofessionally and incompetently. On the other hand the partners (investors) could not lose. All things considered for the five year period the country pays around one billion EUR more for its external debt attendance.

Suggested Citation

  • Garabed Minassian, 2007. "The Active Operations with the External Debt - An Attempt for a Five-year Balance," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 3-30.
  • Handle: RePEc:bas:econth:y:2007:i:4:p:3-30

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    References listed on IDEAS

    1. 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.
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    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


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