Finance Minister Natalie Jaresko came to San Francisco, California to have a meeting with creditors, which owns around $9 billion of Ukrainian bonds. She called upcoming meeting as a "last opportunity" to avoid a breakdown.
Ukraine has around $19 billion in outstanding debt. Most of that debt is owed to the U.S. investment fund Franklin Templeton, which holds $7 billion. Another large part is owned by 14 different investment funds. Of that total, $3 billion is owed to Russia, which have repeatedly refused to consider restructuring that part of the debt.
Ukraine’s currency, the hryvnia, has fallen by more than 60pc against the dollar since the start of last year – has rapidly rendered the country’s debt pile unsustainable. As much of Ukraine’s debt is dollar-denominated, paying it back is increasingly hard. Ukraine continues to face a battle on two fronts, both with a Russian aggressor and the country’s creditors, one of which is Russia. Its $70bn debt is now the subject of intense debate. Read more at http://www.telegraph.co.uk
Ukraine has around $19 billion in outstanding debt. Most of that debt is owed to the U.S. investment fund Franklin Templeton, which holds $7 billion. Another large part is owned by 14 different investment funds. Of that total, $3 billion is owed to Russia, which have repeatedly refused to consider restructuring that part of the debt.
Ukraine’s currency, the hryvnia, has fallen by more than 60pc against the dollar since the start of last year – has rapidly rendered the country’s debt pile unsustainable. As much of Ukraine’s debt is dollar-denominated, paying it back is increasingly hard. Ukraine continues to face a battle on two fronts, both with a Russian aggressor and the country’s creditors, one of which is Russia. Its $70bn debt is now the subject of intense debate. Read more at http://www.telegraph.co.uk
