Rough ride ahead as Poland starts to pay off its debts
Article Abstract:
Foreign debt management, public enterprise privatisation and industrial reconstruction in post-Communist Poland are examined in the light of political and economic developments. Despite a 2% growth rate and the $660 million stand-by loan granted recently by the International Monetary Fund (IMF), Poland still faces major economic challenges, not the least of which is the restructuring, payment and minimization of its $72 billion official and commercial debts. Most of these are owed to the 17 countries making up the Paris Club, from which Poland was able to obtain a precedent-making 50% write-off. Nevertheless, low debt service allocations and the low probability of further debt reductions increase the likelihood of even an increase in Poland's total future debt. Privatisation and capacity modernisation are also proceeding at a slow pace and at great cost, thus adding to the debt burden.
Publication Name: Multinational Business
Subject: Business, international
ISSN: 0300-3922
Year: 1992
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Structural changes in the Turkish capital markets tempt multinationals
Article Abstract:
Turkey's efforts to liberalize its economy will be spearheaded by a whole range of new tax incentives and the restructuring of its capital markets. The changes are expected to usher in increased foreign investment at a time when American, European and Arab venture funds are already assessing the economic climate of the area. Eurobonds will be playing a vital role in local fund-raising efforts. A new Capital Markets bill is expected to improve the financial position of institutions in the local market and enhance market liquidity. The bill will also contain provisions clearly defining illegal trading practices. Major changes are to be made in the local stock exchange. Serving as the main challenge to the government's economic revitalization efforts is the country's high inflation.
Publication Name: Multinational Business
Subject: Business, international
ISSN: 0300-3922
Year: 1992
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Israel: bidding to be the next 'economic dragon.'
Article Abstract:
Israel is undertaking a privatization program that will hasten national economic development through the creation of liberal capital markets. Great emphasis will be placed on enhancing the international competitiveness of the Tel Aviv Stock Exchange (TASE) as it forms the base for Israel's capital markets. The privatization of all government-owned enterprises is expected to boost the TASE. Direct foreign investment in the form of joint ventures is seen to follow the establishment of the TASE on an international scale. Leading the government-initiated economic liberalization effort is Bank of Israel Governor Jakob Frenkl.
Publication Name: Multinational Business
Subject: Business, international
ISSN: 0300-3922
Year: 1992
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