For the best part of the 1919–1939 period, during which Stoyanov headed the State Debt Directorate, Bulgaria was finding it hard to service its debts and was in constant negotiations for their restructuring and reduction. The largest part of the country’s pre-war debts was to French investors linked to Paribas Bank. Relations of another creditor, German Disconto-Gesellschaft were complicated by the peace treaties forced upon Bulgaria and Germany. British Schroders acted as the main intermediary in the issuance of League of Nations-guaranteed Refugee loan in 1926. Following a period of brief stabilisation in mid-1920s, the country was forced to establish a moratorium on foreign debt payments in 1932. This marked the beginning of another round of negotiations with creditors.
