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World Zimbabwe central bank to settle $1.2 billion (AUD $1.7 billion) of legacy debt

21:35  17 february  2020
21:35  17 february  2020 Source:   msn.com

Deal reached to cut bankrupt Puerto Rico's debt by $24 billion

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a close up of a busy city street: The Reserve Bank of Zimbabwe tower in Harare.© Bloomberg The Reserve Bank of Zimbabwe tower in Harare. The Reserve Bank of Zimbabwe approved the payment of $1.2 billion (AUD $1.7 billion) in legacy debt but rejected claims for a further $861 million (AUD $1.2 billion) as the nation battles the twin effects of currency depreciation and a crippling shortage of foreign currency.

Australian Macquarie Group's third-quarter core business profit rises

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Settlement of the verified foreign debt will be amortised over an extended period, “with forex-denominated savings bonds” being issued to some of the creditors, the central bank said in its monetary policy statement Monday.

The southern African nation owes foreign entities, including airlines, and fuel and grain suppliers, about $2.6 billion (AUD $3.8 billion) in legacy debt since it dropped the 1:1 peg of its local dollar to the US unit a year ago, but hasn’t been able to meet payment obligations due to the severe shortage of foreign currency.

Australia's CBA beats earnings expectations, but no share buy-back

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Another 350 transactions valued at $457 million (AUD $680 million) will be finalised by February 29, the bank said.

Pentagon shifts $3.8 billion (AUD $5.65 billion) towards building Mexico border wall

  Pentagon shifts $3.8 billion (AUD $5.65 billion) towards building Mexico border wall The US Defense Department is shifting another $3.8 billion (AUD $5.65 billion) from procurement and other operations towards paying for a wall on the US-Mexican border, official documents sent to the US Congress showed Thursday. The move took to $9.9 billion (AUD $14.72 billion) the total the Pentagon has been forced by President Donald Trump to reallocate to the barrier, after Congress repeatedly blocked funding. The president declared a national emergency last year to be able to draw federal budget funds already allocated to other needs for the wall, which aims to deter migrants from entering the country illegally.

Senior government officials have previously said they would ask creditors to take a cut on some of the debt, to save on the much-needed foreign currency.

The foreign debt of $361 million (AUD $537 million) owed by the bank was not included in the amounts, Governor John Mangudya said.

Pictures: These countries are drowning in debt (LoveMoney)

Almost every country in the world has sovereign debt – in fact, some of the world’s most powerful economies have a lot of it. Yet while it’s perfectly healthy to accrue debt to pay for growth, some countries are bearing a serious burden. Using the World Economic Forum's debt-to-GDP ratios for 2017 (the latest year for which figures are available), which measures a country's debt against its productivity, click through to see the countries with the highest debt-to-GDP ratios in the world. We haven't included countries with economies with a GDP lower than $10 billion.

Aussie fintech investment reaches $3 billion after 250% growth… but don’t celebrate just yet .
Investment into Australian fintech has increased by a massive 252% year-on-year, according to a KPMG report, reaching a record high of $2.9 billion in 2019. KPMG’s Pulse of Fintech H2 2019 report measures investment activity, including venture capital, private equity and mergers and acquisitions, and shows a huge jump for 2019, compared to $1.14 billion invested in 2018.Dan Teper, KPMG head of fintech for Australia, called 2019 a “breakout year” for the Australian ecosystem, pointing to innovation in the banking and lending space, as well as in property, insurance and superannuation.

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