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+--- Thread: Ukraine to default on western loans (/showthread.php?tid=345)
Ukraine to default on western loans - crazyon - 07-24-2022
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Ukraine to default on western loans
crazyedit: Ukraine laundromat & money-pit and the west loves it :endedit
Money Pit: Zelensky govt signals intent to default on tens of billions in foreign debts
excerpts are from
http://www.ronpaulinstitute.org/archives/featured-articles/2022/july/21/money-pit-zelensky-govt-signals-intent-to-default-on-tens-of-billions-in-foreign-debts/
Western governments have allocated well over $100 billion to prop up Ukraine in its war against Russia, with countless billions more flooding into the country at an increasing pace. Yet as each day passes, it’s becoming more and more clear that all of the money awarded and assigned to Ukraine continues to dissolve into a black hole of secrecy, corruption, deceit, and now, default.
On Wednesday, Ukraine finance ministry asked foreign creditors to accept a delay in its debt repayments, requesting a two year freeze on billions of dollars in Eurobonds. Per the Financial Times, “a rescheduling would amount to a Ukrainian default” on Kiev’s tens of billions in foreign debt.
“Ukraine’s dollar bonds due in 2033 are trading around 18 cents on the dollar, down from about 25 cents at the end of last month and more than 80 cents before Russia’s invasion in February,” the Bloomberg report adds, highlighting the continuing decline of creditor confidence.
Ukraine estimates a 35 to 45 percent crash in its GDP this year. The government in Kiev is hoping to finalize the debt deferral by August 9, Reuters reports.
In addition to the government as a whole, Ukraine’s state-owned infrastructure and national energy companies have also announced their intent to default on international bonds. Earlier this week, Kiev announced that it has sold some $12+ billion in gold reserves since the start of the war.
https://www.nasdaq.com/articles/ukraine-launches-formal-consent-solicitation-on-sovereign-debt-freeze
STATEMENT GROUP OF CREDITORS OF UKRAINE
https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Europa/Krieg-in-der-Ukraine/statement-zum-schuldenmoratorium-fuer-die-ukraine.html
Translation: Western governments will continue to print huge amounts of cash and launch it in the direction of the Ukraine operation.
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