Luxembourg Looks To Cut Debt By Selling BNP Paribas Stake

Law360, New York (April 12, 2013, 3:41 PM EDT) -- Luxembourg said Wednesday that it intended to sell its stake in retail bank BGL BNP Paribas SA in order to reduce the country’s debt before a $2.6 billion bond matures in December.

In a speech to the country’s unicameral chamber of parliament, Prime Minister Jean-Claude Juncker said the country was ready to unload its 34 percent stake in the subsidiary of Paris-based banking giant BNP Paribas SA, but only if the price is up to the government’s expectations.

Juncker told lawmakers that Luxembourg was prepared to...
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