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Kiev's technical default to undermine its ability to attract investment from EU — source

May 20, 2015, 11:10 UTC+3 BRUSSELS
Suspension of debt payments not coordinated with creditors results in technical default
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© Stepan Petrenko/TASS

BRUSSELS, May 20. /TASS/. Ukraine’s technical default will undermine its ability to attract private investment through EU programs, including through EBRD (European Bank for Reconstruction and Development) and EIB (European Investment Bank), a European source told TASS on Wednesday.

"Suspension of debt payments not coordinated with creditors results in technical default, and in case with Ukraine, it threatens to undermine Kiev’s ability to attract private investment through EU programs," the source said.

"It also concerns investment programs of EBRD and EIB and the program of supporting small and medium business in free trade conditions which is being prepared. These programs will continue but it will become increasingly hard to convince private investors that it will be safe to invest into defaulting economy, and the accumulation of investment will be undermined," the source noted.

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