Thursday, August 27, 2015

Ukrainian Finance Ministry Mistaken/Lying

Ukraine claims that it has reached a deal with its creditors.

According to Bloomberg:
"Finance Minister Natalie Jaresko reached an accord with a Franklin Templeton-led creditor committee that includes a 20 percent writedown to the face value of about $18 billion of Eurobonds, the first of which matures in less than a month.

The agreement also pushes back redemption dates by four years and sets interest at 7.75 percent on all maturities, according to an e-mailed statement from the Finance Ministry and the creditor committee.

Russia is being offered the same terms as private bondholders."
All very nice and dandy, except that Russia (its main creditor) has in fact rejected the deal.
The Ukrainian Finance Ministry is either speaking in error, or it is lying.

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