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June 21, 1990

BUNDESPOST MUST TAP MONEY MARKETS TO FUND NEW PHONE SYSTEM IN EAST

By CBR Staff Writer

The euphoria over German reunification is over, now comes the time to start paying the bills: at a time when real West German interest rates have risen to an historically high 6.5%, the Deutsche Bundespost Telekom is having to borrow the equivalent of $18,000m over the next seven years to cover part of the $33,000m or so needed to provide East Germany with a functional modern telephone system – and it is not seen possible to give the East a telephone system up to the standard of that in the West before 1997 – but then 98% of West German households have a phone, just 7% have a phone in the East. As a first step, the East German post and telecommunications authority, helped by a $140m loan from Telekom, will spend $320m during the rest of the year to extend the telephone network.

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