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. Last Updated: 07/27/2016

Paris Club Talks

MOSCOW -- The Paris Club of creditor nations is prepared to begin talks on restructuring Russia's Soviet-era debts, Mikhail Kasyanov, Russia's Deputy Finance Minister, said Friday in Paris, Prime Tass news agency reported.

However, Kasyanov also said that any such talks cannot be successful until after Russia signs an agreement with the International Monetary Fund. There is little sign of such an agreement, especially after the IMF on Friday was highly critical of the Russian government's plans to cut tax rates in the 1999 budget.

Russia - which owes the Paris Club a total of $38.7 billion on Soviet-era debt - also joined the Club as a creditor country last year.