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North Korea asks Hungary to write-off debts

The Democratic People’s Republic of Korea has approached Hungary with a request to write off 90% of its state debts, the Financial Times reported.

The paper sought out the National Economy Ministry on the matter after it was revealed that North Korea made a similar request to the Czech Republic earlier.

The ministry confirmed the plea, with the communist state citing its deplorable economic conditions as the motivator to heed its request.

The total debt comes to 29.6 million clearing rubles, an accounting unit used in the former Soviet states.

It is unclear when negotiations may resume and it is still not settled what conversion rate should be used to calculate the value of the obsolete virtual currency. (BBJ)