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Poroshenko Signs Law Allowing Suspension of Debt Repayments

Things are looking desperate


This post first appeared on Russia Insider


The Ukrainian government now has the right to stop scheduled repayments on foreign debts — just in time to squirrel away the country's remaining foreign reserves in offshore accounts and flee to the United States...

Via Reuters:

<figcaption>"We'll put all the debt into my invisible debt bag"</figcaption>
"We'll put all the debt into my invisible debt bag"

Ukrainian President Petro Poroshenko on Thursday signed a law that gives the government the right to halt scheduled repayments on foreign debts if necessary, his press service said.

Parliament passed the draft law on May 19 as a wrangle intensified between the near-bankrupt former Soviet republic and its creditors over restructuring $23 billion of foreign debt. The restructuring is needed to save $15.3 billion between 2015 and 2018, as required by the International Monetary Fund.

There's no way Ukraine will survive the summer. 


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