Default Evaded; Progress in Sight

UKRAINE - Report 28 Jul 2015 by Vladimir Dubrovskiy and Dmytro Boyarchuk
Executive Summary The Ministry of Finance paid a $120 million coupon on its Eurobond on July 24th, which postponed feared default and reduced chances of a moratorium on debt repayment. The story is still long from over, and the Ministry of Finance will continue negotiating with creditors through September. But a 40% haircut looks unrealistic; debts are likelier to be rescheduled based on creditors’ proposals. There’s a desperate fight on, between the old and new Ukraine.Badly-needed changes reformers are pushing forth are facing fierce resistance from the old guard. Yet progress has been en...

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