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| Russia forgives 90 % of North Korea's debt |
| 2012-09-18 |
| Russia has agreed to forgive most of North Korea's debt, with the remaining amount likely to be reinvested into Russian business projects. After debt-settlement talks earlier this year, Russia and North Korea signed a deal to forgive 90 percent of North Korea's $11 billion debt. North Korean state news agency KCNA reported, "A contract was signed in Moscow on readjusting debt that the DPRK owed to the Russian Federation as a result of the loans that the former Soviet Union had offered to the DPRK." Based on previous comments by Russian Vice Finance Minister Sergei Storchnak about the settlement talks, North Korea is likely to restructure its debt into projects that benefit Russian business interests. According to Storchnak, Moscow is considering investing in the North Korean education, health care and energy sectors. Russia has also reportedly been eyeing a project to construct a gas pipeline to South Korea through North Korean terroritory. |
| Posted by:ryuge |
| #2 Russia has us all massively by the throats, whilst they MASSIVELY re-arm on NUCLEAR subs, missiles, and mobile sites as well as army, air force, and navy they are also Europes line of Gas. They have been cranking the price up and are currently fairly unaffected by financial woes. To spring a pipeline up through North Korea would be another financial goldmine. |
| Posted by: Devilstoenail 2012-09-18 22:32 |
| #1 "gas pipeline to South Korea" smart move. I wonder what China thinks about that. In their own backyard also. |
| Posted by: Dale 2012-09-18 07:19 |