It also approved new borrowing estimated at $500 million, about a third of it for tax refunds and the rest to refinance existing debt, saving about $32 million.
This massive borrowing, estimated to have totaled 10 billion US dollars, was used to re-equip and modernize Polish industry, and to import consumer goods to give the workers more incentive to work.
The Office for Budget Responsibility raised growth forecasts for 2014 the second time in four months, from 2.4 per cent to 2.7 per cent - albeit lower than the Bank of England's 3.4 per cent forecast - and cut borrowing estimates to £108 billion from the £111 billion expected in December's autumn statement.
Even though these borrowing estimates are themselves dependent on an OBR assessment of the economy which many economists do not share.
We now know that compared to the chancellor's forecast two years ago, borrowing is estimated to be well above the £150bn extra borrowing that he forecast in March.
Italy's continuing ability to win orders abroad is in spite of the many drags on Italian firms' competitiveness, from the thick tax wedge between what they pay for labour and what workers receive to borrowing costs estimated at 250 basis points higher on one- to five-year loans than those German rivals face.Hence the drive by many companies to expand not just exports but activities abroad.
Unlike LIBOR submitters, EURIBOR banks are not asked to provide estimates of what they think they would have to pay to borrow, merely estimates of what the borrowing rate between two "prime" banks should be.
Research around lifting local authorities' borrowing caps estimates that an extra £7bn of investment in homes would generate 23,500 jobs, according to the Chartered Institute of Housing.
These days the City is the world's biggest centre of international finance.In future, LIBOR and its equivalents like EURIBOR should be set on the basis of actual, not estimated, borrowing costs.
Though indicators based on real trades are meant to be harder to game than those using hypothetical figures (such as LIBOR, a daily poll of banks' estimated borrowing rates into which respondents fed duff data), they are clearly not incorruptible.The 4pm fix is used to calculate the value of all sorts of assets, such as the foreign holdings of mutual funds.
Like Barclays, UBS also accepted that management had also told staff to submit inappropriately low estimated borrowing costs for the bank during the financial crisis, in order to give a false impression of the bank's ability to borrow cheaply and maintain market confidence in the bank.
