Wednesday, 14 January 2015

Threat of debt writedowns hovers over Ukraine

LONDON/KIEV (Reuters) - 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.
That is, unless international lenders beef up existing loan offers to plug an estimated $15 billion (9.85 billion pounds) funding gap.
A year of revolution and war has crippled Ukraine's economy, pushing the hryvnia currency to record lows. There is little respite in sight.
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