Germany cashes in Paris Club debt

New Angles

The Federal Republic of Germany scored a major success in July when it brought out its hugely popular Aries Vermogensverwaltungs deal – a repackaging of Soviet-era Paris Club debt. The deal was initially marketed at a prospective e1.5 billion, but was in the end printed at e5 billion and was still healthily oversubscribed.

It is no secret that Germany is in dire need of fresh fiscal and funding ideas, and the Aries deal is at least a start. The deal raised some much-needed cash for the repub

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