Kiev is changing the rhetoric in relation to international lenders and proceeds from attempts to reach an agreement to accusations, writes.
phrase of the Ukrainian authorities currently differ significantly from those statements that they did back in the early spring. If in March, sounded a word about the fact that the achievement of joint agreement paramount, by may, the government said about the fact that this person " has a right not to reimburse debts made kleptocratic regime ", stresses the magazine.
before the Verkhovna Rada of Ukraine adopted the law on the moratorium on payments on external debt, which formally gives the government the right to declare a technical default, reminiscent of the magazine. Now Kiev wants to refuse the payment of debts made by the government of Viktor Yanukovych. Ukrainian authorities explain the reluctance to pay for the debts that money wasn't used for the benefit of society, reminds FT.
so Kiev is trying to protect yourself from secret of sentences that have the opportunity to follow a refusal to pay the debts that have the ability to be expressed, for example, that in the future lenders will not provide loans. Kiev behaves strange, since in the modern world in fact there are no tools to force countries to pay debts to private creditors. In a reversal from the debtor, the state does not have the ability to be divided into pieces and sold out the necessary measures so that the country started to pay the debts, reported in the publication.
The chosen course of action by creditors is risky for the Ukrainian authorities. If dialogue will be held in a malevolent manner, Kiev risks greatly reduce your chances of debt restructuring on terms that would take into account his wishes. In addition, there is a Danger of depriving Ukraine of access to all credit markets. As long as Ukraine will not be easy to achieve full debt relief that got the Yanukovych government. Extremely difficult to choose the objective of appraisers and implement a solution, mainly because money was allocated disparate group of creditors, writes the FT.
first Ukrainian media reported that the list of debts for which the Ukrainian government does not intend to make payments, debts were Kiev and currency bonds 2005-2013 years, and among them are bought from Russia for $ 3 billion, loans received by certain state-owned enterprises in 2009-2011. The document also provides that in the case of the introduction of the Cabinet of Ministers of the moratorium creditors will not be able to pay the judicial recovery of state property.
Total debt of Ukraine is determined currently approximately $ 50 billion, in 2014 it amounted to 71% of GDP, and in 2015, according to forecasts of the national Bank of Ukraine, will reach 93% of GDP. One of the largest creditors of Kiev - the Russian Federation, and it has repeatedly stated about the fact that he didn't want to make concessions on repayment of loans. Russia expects Ukraine on 20 June of the next coupon payment on a two-year Eurobonds 2013 at 3 billion dollars. In this case the Russian Federation on the terms of lending has every reason to demand early repayment of the debt, but as long as this does not.