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. Last Updated: 07/27/2016

Yeltsin Praises Debt Restructuring

President Boris Yeltsin hailed Tuesday a deal between Moscow and the London Club of international commercial banks giving Russia 25 years to pay off the debt of the former Soviet Union.

"I congratulate all of you for signing this very important document. You have taken a tremendous political step for Russia," Yeltsin told a group of bankers from Europe, the United States and Japan at a Kremlin reception. "GDP is growing, industrial output is also growing, inflation is negative ... your countries are an example for the market economy."

Under the restructuring deal signed Monday, Russia, which assumed the Soviet Union's foreign debts in 1991, now has until 2020 to pay off roughly $33 billion in loans and overdue interest. The 25-year deal was agreed in principle in 1995.