New York Times: Ukraine does not want to follow the path of Greece and pay for loans

Kiev demands from international creditors write off 40% of the Ukrainian debt, citing the fact that the current government is not responsible for the loan, which took the previous corrupt president. In the face of Ukraine is an example of Greece, which for several years constantly have to negotiate with investors, writes New York Times

No one knows what the outcome of the conflict between Athens and Brussels, writes New York Times, but looking at how the situation unfolds, Kiev does not want to follow the path of Greece, which is not the first dispute with the creditors. Therefore, Ukraine is in talks with foreign investors, including Franklin Templeton, so they agreed to accept the financial losses associated with the payment of the obligations of Kiev.
Ukraine receives financial aid from western countries, but Kiev says that it should not go on paying foreign debts, while the war continues in the east of the country. This support to Ukraine and the International Monetary Fund.
However, Ukraine’s largest creditor Franklin Templeton refused to write off part of the Ukrainian debt, suggesting instead simply extend the deadline for payments until 2019. How to find lenders, by this time the country’s economy should recover. Kiev authorities are asked to also write off 40% of the debt immediately, otherwise, they say, does not work plan to resolve the crisis and Ukraine have again and again to meet with creditors to the negotiating table, as it is happening with Greece.
At the same time officials in Kiev are trying to say that creditors are to blame for the fact that not saw how corrupt it was the government of Yanukovych, and gave him a huge loan. Investors, in turn, are justified, they believed that, in any case, either the IMF or Russia will help Ukraine, and creditors will benefit. Now they are not so sure. On July 24 scheduled interest payment on bonds of Ukraine.
The company Franklin Templeton asserts that the failure to complete debt relief will help Ukraine to quickly return to the market for commercial loans and recover faster. At the same time, investors insist that buying back government bonds for a period longer than the presidential or parliamentary mandate, and therefore responsible for their payment was not the government and the country. The IMF does not support the argument that due to the atrocities of the previous government’s current commitments can not perform, but still offers to creditors to accept losses, writes New York Times.

6 July 2015

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More reading: • Templeton agreed with Kiev on good terms - Moscow promised "the hard way" »»»
Write-off of 20% of debt will help Ukraine avoid protracted, "Greek-style" talks with bondholders and give a breather against the backdrop of recession and armed conflict with separatists.
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• The Minister of Finance of Ukraine recognized the problems in negotiations with creditors »»»
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