Word: millionswap
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...were losing an enormous amount of money." Most controversial, though, were Veltchev's moves to restructure Bulgaria's crippling foreign debt. Earlier this year the government shaved $330 million off its net debt by exchanging $1.3 billion-worth of Brady Bonds for newly issued Eurobonds. A second $800 millionswap was recently announced. Critics charge that the terms and the timing of both deals lose the state money. "Veltchev has burdened taxpayers with hundreds of millions of dollars," says Plamen Oresharsky, an ex-Deputy Finance Minister and deputy chair of the former ruling party. "He has acted in favor...
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