Austria claims it is owed $200m by DPRK

According to the Korea Times:

North Korea currently is $200 million (2.5 billion won) in debt to Austria, Voice of America (VOA) reported Wednesday.

Austria’s annual financial report indicates unpaid debt from foreign countries had reached approximately $1.26 billion (1.2 trillion won). Among them, North Korea has not paid anything back for 20 years, said Die Presse, an Austrian daily.

After a debt settlement between two countries in 1987, in which Austria received $7.6 million from the North, all payments stopped in 1992, the VOA said.

Die Presse added it is uncertain if the rest will be redeemed after inactive efforts for 20 years. It also explained the North took out loans from 30 western European countries in the late 1960s and inefficient management resulted in the indebted situation.

A source familiar with the issue speculated North Korea owes $18 billion (18.4 trillion won) in external debt.

Russia waived 90 percent of a $10.1 billion debt owed by the North, while the rest could be repaid over 20 years and be reinvested in North Korea.

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NK owes Austria $200 million
Korea Times
2014-5-28

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