Cyprus Mail

‘TRNC government’ unable to service €1.4bn in locally borrowed debt

Birikim Özgür

Former Turkish Cypriot ‘minister of finance’ Birikim Özgür said Turkish Cypriot authorities cannot afford paying the due interest on public debt amounting 5.5bn Turkish lira (€1.4bn) borrowed locally.

The ‘government’ will need a total of 200bn Turkish lira to pay this year’s interest payment and only has 100m Turkish lira available, the Turkish Cypriot politician and member of the Republican Turkish Party (CTP) told ‘lawmakers’ on Tuesday. The ‘government’ will therefore need to draw up a payment plan and find the rest 100m Turkish lira it lacks.

Özgür added that the ‘state’ was “eating from the plate of future generations”.

‘Finance minister’ Sunat Atun pledged to provide a written response to Özgür’s questions.

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