Georgia to introduce new Euro bonds

As PM Nika Gulauri and Finance Minister Kakha Baindurashvili stated, Georgia is considering issuing euro bonds which will raise the money to cover the cost of euro bonds issued by Georgia before the August 2008 war with Russia, worth USD 500 mln which should be paid back in 2013. Analysts and experts have so far not received a concrete answer as to which directions this euro bond money was spent. The analysts predicted that, to cover the debt, the country would take on extra loans. Today Georgia's external loan is over GEL 7 bln which is around 33% of the GDP.