US Companies Might Buy out Iraq's Debt to Bulgaria

Business | March 6, 2003, Thursday // 00:00

US companies could buy out Iraq's debt to Bulgaria by the end of 2002, Defense Minister Svinarov told local Dnevnik daily.

This scheme was negotiated during the recent visit of Prime Minister Saxe-Coburg in Washington where he met with US President Bush. At least a portion of the deemed uncollectable debt of USD 1 B might be recovered to Bulgarian like that.

The defense minister also said that the Bulgarian army will sell 500 T-72 tanks during the two coming months and replace them free of charge with 500 M1A1 US tanks. General Dynamic will supply the fleet. The T-72 fleet could fetch upwards of USD 200 M.
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