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New loan for old debts.

In addition to the announcements that the Macedonian government is going to borrow 250 million euros from international financial markets, home borrowings have not stopped either. As many as five auctions of 3-and 12-month government securities and two auctions of 5-year government bonds have been set for Tuesday. The Ministry of Finance is going to try to borrow from banks some 48 million euros on Tuesday considering that on Wednesday it will have to repay home creditors just as much. Most of the money, or 35 million euros, will be borrowed through 3-month securities without a Euro-clause at an interest rate of 4 percent. Through the two auctions of 5-year government bonds, some 3.6 million euros will be borrowed.

This is the second borrowing this month. Only about ten days ago, the Government borrowed 63 million euros. The home market borrowings are made at a time when it is being increasingly more speculated that the country is dangerously approaching the public debt red lines.

The government debt climbed up to 29.8 percent of GDP where the foreign debt amounts to 1.6 billion euros and the domestic debt is 700 million euros.
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Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:Oct 16, 2012
Words:194
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