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Vephvadze: Georgian authorities to get stuck in financial debt pyramid

2011-03-29 17:37

15206.jpegGeorgian authorities are going to get stuck in a financial debt pyramid. As reported by GHN, such opinion was voiced in an interview to the journalists by Spokesman of Christian Democrats, Vice Speaker of the Georgian Parliament Levan Vephvadze when he was commenting on the recent statement of the Georgian authorities about the issue of new Eurobonds. "The authorities want to issue new Eurobonds in order to cover the old ones; then, they will have to issue more Eurobonds to cover these ones and thus they will build up a pyramid in which they will get stuck", - Vephvadze believes. According to him, it will be a real trial for the future government that will have to make payments.

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Let us remind you that the Ministry of Finance took a decision on Eurobond transaction to the amount of 500 million dollars.

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