Soros has found a way for Ukraine out of the economic slump

Creditors of Ukraine are obliged to honestly admit that in their own interests give Ukraine the advice which she is disadvantageous, said American billionaire George Soros in the publication, published in the wall Street Journal.
Soros acknowledged that Ukraine faces default, if the problem of its foreign debt will not be solved in a radical way-but she has no negotiating team, which is able to reach a compromise with international lenders. Without Scrivania in the Ukraine situation, among other things, threatens, in practice, a complete lack of investment over several years, said the billionaire.
Soros in his article published by the wall Street Journal, recalled that Ukraine's foreign debt amounts to $ 19 billion, and its restructuring now underway in San Francisco. The story is about the terms of the contract, which requires Ukraine international monetary Fund To provide a new programme of financial support and the conclusion of which Soros welcomes. However, the American billionaire believes that given time the likely way forward For Ukraine is the national default for which it is not solved." Sovereign defaults ? expensive, but they give long-term effect... As a rule, the country returned to the markets after a year or two " - said Soros." For holders of Ukrainian bonds, it's not wrong to admit that they oppose the debt relief in any form: they hate to lose the money invested, the same As myself. Why not admit that this is the case, and not to try to persuade Ukraine that debt relief ? This is bad For the state? This, at least be honest and give all the advantages that often gives a real perspective on things, " said Soros. Remember, the experts considered the economic forecast on which are based the plans of Kiev to fulfill their debt obligations, taken from the ceiling. Soros urged to consult with Ukraine, As in the second Greece ? this policy is misguided and will lead to disastrous results. He also said that the EU is "fundamentally wrong," responds to the Ukrainian conflict, and gave a comparison of the assistance that Ukraine receives from Europe, nutrition through the IV. August 10, chief of the Ministry of energy of the Republic Volodymyr demchyshyn said that Kiev will ask to borrow $ 1 billion from the EBRD, WB and IFC ? for the purchase of gas. The authorities of Ukraine in case of failure of the negotiations considering the use of alternative payment mechanisms in the framework of its cooperation programme with the main creditor countries - international monetary Fund, told in the Ministry of Finance of Ukraine on August 5. A few days before the creditors ' Committee of Ukraine, with Kiev which conducts dialogues about the restructuring of debt considered invalid new proposal of the Ukrainian authorities. On 31 July, the media reported that international creditorsability to write off a small part of the Ukrainian debt after Kiev ceased to ask for the cancellation of the larger lobe. July 30, Deputy Minister of Finance of Ukraine on issues of European integration Artem Shevelev said that the possible decision of the Cabinet of Ministers of Ukraine on the moratorium on payments on commercial debt will be tied to the date of repayment of five hundred million dollars by the body's debt in Eurobonds by the end of September 2015. International rating Agency Moody " s Investors Service also believes that the real risk of default threatens Ukraine at the end of September this year. On 25 June, the Minister of Finance of Ukraine Natalie Jaresko admitted that at the end of July, according to calculations can wait for a technical default. But then during the trip to Lviv, she said that the media misinterpreted her message. June 6, Kiev acknowledged the debt to Russia in $ 3 billion on a par with any other Eurobonds. On may 28, the head of Ukraine Petro Poroshenko has signed a law allowing the government to impose a ban on payments by a low external debt obligations. On may 19, the Verkhovna Rada of Ukraine adopted the law that will give the ability to suspend payments on restructured debt. March 12 international monetary Fund has sent Ukraine 1st tranche of financial assistance in the amount of 5 billion dollars, just this year it will be allocated 10 billion Allocated money may not be directly applicable to social needs, they will go on repayment of the state debt of the country.


sections: Politics