Банкеръ Weekly

Briefs

MONEY FROM IRAQ AND LIBYA WILL BE UNPLANNED PROFIT

Kiril Saxe-Coburg-Gotha, to the BANKER weekly

Mr. Saxe-Coburg-Gotha, who are the persons you have recommended to be includeed in the National Movement Simeon II's pre-election lists?
- I have recommended certain individuals I am familiar with from my work in the City of London and who I regard as highly appropriate. Nikolay Vasilev and Milen Velchev are among those of them who responded positively to my offer. There are also some other experts who I do hope will join the Movement in the future.

It has been implied that the Movement is being mainly financed by a couple of investment banks which are interested Bulgaria to restructure its foreign debt through issuing new global bonds on the international markets and subsequently collecting large profits...?
- Such assumption is so far from the truth that it is even not worth being discussed. Really, if speaking about the source of a political party's financial aid, then why don't you take a look at SDS? And as far as the investment banks are concerned, they are not interested in the members of the Bulgarian government and they would never step into the local politics.

Is it true that NMSII counts on attracting non-interest credits from Islamic banks to Bulgaria?
- I cannot confirm such information. Yet we will make use of any help available. Though I myself have never heard of talks being initiated with Islamic banks. I don't think that rumours of the kind should be paid any attention.

Bulgarian financists and politicians comment that leaders of NMSII are carrying out talks with certain Arabianb states which to buy the country's receivables from Iraq and Libya. Is that true?
- From an accountant point of view I would say that these receivables should already have been written off. I have never come to think that Bulgaria may collect part of the money owed by its ex-friends like Iraq and Libya. Yet I will be glad to be proven wrong. This will be an unplanned profit for us.

Yet do you carry out conversations with any of the mentioned above states or not?
- No, we don't. But I am convinced that the foreign receivables of Bulgaria will be one of the matters to be paid special attention. I hope that if our economic team makes some efforts, we will be able to collect part of the receivables. Their total size amounts to USD2BN which means that if only 50% of them are repaid, USD1BN will enter the country. Which, as you will also agree is not a sum to be neglected. Nevertheless, I will repeat: no great expectations should exist that we will ever have our money from Iraq and Libya back.

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