NO. 32


Financial and Banking News

Regional Debt

Syria and Russia Reach Debt Accord

Syria and Russia have signed an agreement under which 80-90% of Syrian debtswill be written off and the remainder paid on its behalf by two Gulf states. TheArabic daily al-Hayat reports that the agreement was reached during a recentvisit to Damascus by the head of Russia's military industry combine. Theagreement also provides for Syria to purchase for cash $500mn of Russianmilitary equipment....