2013-01-18 14:50

Debt-ridden Vilnius plans to borrow again

The debt-ridden city of Vilnius is planning to borrow another 80 million litas (EUR 23.2m), with the city council expected to give the green light for the move next Wednesday.
Vilniaus rotušė
Vinius City Hall / Andriaus Ufarto/BFL nuotr.

Vilnius' local government, which burdened with a debt of almost one billion litas, intends to borrow 50 million litas from the Finance Ministry and 30 million litas from a bank.

It would use the 50-million-litas loan to pay salaries to its employees, to pay subsidies for passenger transportation and to pay for the city's cleaning and maintenance services, as well as to repay part of its debts from 2012.

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