Debt restructuring is the second largest source of outside financing for Ukraine’s new International Monetary Fund (IMF) program. The Fund itself brings $17.5 billion over four years; $9.6 billion comes from governments and other multilaterals (including Europe, the United States, and most recently, China), leaving $15.3 billion for the “debt operation.” The jargon makes debt restructuring sound like a mix of surgery, conspiracy, and military campaign, which together pretty much sum up Ukraine’s challenge.
RealTime post by Anna Gelpern. …read more
Ukraine’s Bond Restructuring: Surgery, Conspiracy, and Campaign
