Senate approves issuing of over 72 billion crowns in bonds to cover state budget deficit

The Senate has approved a law allowing the issuing of more than 72 billion crowns, (the equivalent of over 3 billion U.S. dollars), in bonds to help cover this year's state budget deficit. Bonds are likely to be issued on both domestic and foreign markets, while the remainder of the deficit, some 11 billion crowns, is to be covered by long-term loans from the European Investment Bank. The law has yet to be signed by the president to come into effect.