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Ukrainian president signs law allowing foreign debt moratorium

May 28, 2015, 19:25 UTC+3 KIEV
The Ukrainian government has said it needs this possibility to protect state assets and people from "dishonest creditors"
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Ukrainian President Petro Poroshenko

Ukrainian President Petro Poroshenko

© Mikhail Palinchak/Ukrainian presidential press service/TASS

KIEV, May 28. /TASS/. Ukrainian President Petro Poroshenko has signed a law allowing the government to impose a moratorium on foreign debt payment, the Verkhovna Rada reported on its website on Thursday.

The law entitled "On the Specifics of Conducting Transactions with State, State-Guaranteed and Local Debt" and passed by Ukraine’s parliament last week allows the government to suspend foreign debt payment to private investors.

The Ukrainian government has said it needs this possibility to protect state assets and people from "dishonest creditors."

However, experts have said the law is the first step towards Ukraine’s default on its liabilities.

Ukraine’s external debt hit $72.9 billion as of late 2014 while its internal debt stood at $29 billion and its gold and foreign currency reserves were less than $10 billion.

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