Mr. Bradley (for himself and Mr. Kasten) proposes an amendment numbered 3072.

Mr. LEAHY. Mr. President, I ask unanimous consent that reading of the amendment be dispensed with.

The PRESIDING OFFICER. Without objection it is so ordered.

The amendment is as follows:

At the appropriate place in the bill add the following:

The freely-elected Government of Poland has reshaped the country's economic policies with great courage and consistency in a manner that will foster the establishment of a functioning market economic in the near future:

The Government of Poland and people alike have proven their willingness to endure economic hardships, such as a marked drop in the standard of living, in employment levels, and in the nation's industrial output, in order to create the necessary conditions for a comprehensive economic reform:

The economic program is based on the recognition of the Polish authorities that a stable and easily convertible currency is paramount to the economic transformation of Poland:

Inflation in Poland has actually declined and the budget deficit been reduced as a consequence of the determination of Poland's policy makers:

Private ownership of the means of production has been achieved on a broad basis:

The continued success of economic reform hinges upon tangible improvements in the economic conditions for each and every citizen:

Private sector companies from the United States and elsewhere have responded very favorable to the Government of Poland's determination to bring about meaningful reform:

The greatest challenge for the new government is to service the staggering debt run up by the previous Communist regime; and

The servicing of this debt out of current revenues endangers a successful completion of the reform process because it consumes a large part of the resources needed for economic expansion: Now, therefore, be it the sense of the Senate that —

(1) Poland's debt service should be reduced in the appropriate manner to safeguard the promising reform concept

(2) Any solution of this problem should entail a broad range of approaches, such as outright debt reduction, debt service reduction, and lengthening of maturities, as well as an infusion of new capital;

(3) The Western governments, which are Poland's major creditors, should take speedy action in this area and private banks should also be prepared to contribute their share to this effort of reducing Poland's debt in order to allow the newly democratized country to bring its market reform program to a successful conclusion; and

(4) The President should undertake the appropriate measures on the part of the Unites States to bring the deliberations in the Paris Club to a favorable decision on the issue of reducing Poland's debt.

Return to article