The collapse in Ukraine’s hard currency reserves to just enough to cover five weeks of imports is threatening big government debt writedowns, rather than mere maturity extensions, being needed to put the country on its feet, the Reuters reports.
Meanwhile the separatist conflict continues to cost Kyiv $10 million a day and is distracting the government from its reform plans, required by Western backers in exchange for financial assistance, said senior research fellow at the Razumkov Centre Volodymyr Sidenko.
Unless the government tackles corruption and implements other promised reforms … all foreign loans will be wasted, he said. “It would be like …read more
Source: Razumkov Centre