Ukraine won't pay its debt

Ukraine won't pay its debt

Ukraine will not be paying its debt. Ukrainian MPs passed the law about the moratorium for the payment of foreign debts to commercial creditors. According to the Finance Ministry, Ukraine's public debt amounts to over $65 billion. However, Kiev is not going to pay it back now. Does it mean that the Ukrainian parliament admits the nation's default? 

Nikolai Vlasenko, Federation Council Senator: 

"Of course, this is default. When a company or a state does not pay its debt, it means default, no matter what other word you might wish to use here. Relations with such institutions worsen sharply, criminal investigations are launched - various attempts are made to collect the money. In a civilized society, such things can not be done single-handedly. If you declare default, you should bear in mind the fact that you will have to deal with a similar attitude from other parties. No one will give you any money in the future. This is very bad information for Ukraine in the first place." 


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Author`s name Dmitry Sudakov