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Ukraine’s aggregate external debt reaches 80% of GDP

This figure reached has reached $140 billion

© EPA/SERGEY DOLZHENKO

KIEV, February 27, (ITAR-TASS). Ukraine’s external debt has reached $140 billion or 80% of the entire GDP, says a programme the new provisional government endorsed Thursday.

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“Ukraine has found itself in the deepest economic, political and social crisis throughout the entire history of its independence (the former Soviet Republic declared itself independent in 1991 - Itar-Tass),” the document says.

“The aggregate external debt has reached $140 billion or about 80% of the Gross Domestic Product,” it says.

“The short-term debt stands at $65 billion, which is four times more than the country’s foreign exchange/gold reserve currently totaling a mere $ 15 billion.”

It points out an overly burdensome state budget deficit and says the national treasury has been emptied, in the wake of which the overdue payment orders are snowballing.

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