No compromise on debt restructuring deal for Ukraine
The next talks are scheduled on August 20
Ukraine and the creditors’ committee negotiations, which took place August 12 in San Francisco, did not end well for Ukraine. The sides did not manage to iron up the details have on the national debt restructuring issue, as reported by Reuters. And the next meeting is to take place on Thursday, August 20.
In fact, these negotiations with creditors were said to be the last ones. According to Minister of Finance Natalia Yaresko, Ukraine has not time to hold a long-term discussion of this question, as the next $500 mln Eurobond payment is scheduled on September 23. Otherwise, the country would be forced to take some alternative mechanisms of financing.
The negotiations on national debt restructuring and possible cut off of the sum started as a part of IMF program in March 2015. This year Ukraine will save some $5.3 bln if the talks are successful.
Only two state banks (“Oschadbank” and “Ukreksimbank”)made the bondholders agree the new terms of payment - $1.5 bln and $1.3 bln during 2015-2018.
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