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(a) Reduction of debt burdenThe President shall take all appropriate actions to explore and encourage innovative approaches to the reduction of the government-to-government and commercial debt burden of East European countries which have taken substantive steps toward political democracy and economic pluralism. (b) Authority for discounted sales of debtNotwithstanding any other provision of law, the President may undertake the discounted sale, to private purchasers, of United States Government debt obligations of an East European country which has taken substantive steps toward political democracy and economic pluralism, subject to subsection (c). (c) ConditionAn obligation may be sold under subsection (b) only if the sale will facilitate so-called debt-for-equity or debt-for-development swaps wherein such newly privatized debt is exchanged by the new holder of the obligation for—(1) local currencies, policy commitments, or other assets needed for development or other economic activities, or (2) for an equity interest in an enterprise theretofore owned by the particular East European government. (Pub. L. 101–179, title I, § 104, Nov. 28, 1989, 103 Stat. 1304.) Executive Documents Delegation of Functions Functions of President under this section delegated to Secretary of the Treasury by section 4 of Ex. Ord. No. 12703, Feb. 20, 1990, 55 F.R. 6351, set out as a note under section 5401 of this title.

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