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Bermuda to borrow US$800m to cover budget deficits

Published:Friday | June 21, 2013 | 10:07 AM

Bermuda’s Finance Minister Bob Richards, has announced that his One Bermuda Alliance government is to borrow up to US$800 million to cover budget deficits for the next three years.



Richards told the media yesterday that borrowing for the medium term in the current low interest rate environment would save taxpayers millions of dollars in financing costs.



The money will be raised through a bond issue divided into two tranches, a local Bermuda dollar denominated one and a US dollar one.



Richards said the unprecedented strategy would adhere to borrowing rules.



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