Ukraine is expected to stop paying off its external debt today, according to a document published on the Ukrainian government's website﻿, ﻿thereby facing the risk of a technical default However, this will not include $3m owed to Russia, who are demanding the debt is paid in full in December. Ukraine has to restructure its debt so it can receive a $17.5bn loan from the International Monetary Fund, however, without an agreement with one of its largest creditors, Russia, the deal is thwarted. The International Monetary Fund called on Ukraine's creditors to write-off some of the massive debt yesterday, and help Ukraine reverse its three-year recession and halt its diplomatically-costly reliance on Moscow's financial help.
Ukraine is expected to stop paying off its external debt today, according to a document published on the Ukrainian government's website﻿, ﻿thereby facing the risk of a technical default However, this will not include $3m owed to Russia, who are demanding the debt is paid in full in December. Ukraine has to restructure its debt so it can receive a $17.5bn loan from the IMF, however, without an agreement with one of its largest creditors, Russia, the deal is thwarted. The IMF called on Ukraine's creditors to write-off some of the massive debt yesterday, and help Ukraine reverse its three-year recession and halt its diplomatically-costly reliance on Moscow's financial help.