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Ukraine to restructure state debt if situation in Donbas worsens

Finance Minister Natalia Yaresko mentioned Greece as an example of the country which restructured its debt "not once and not even twice"

© Zurab Javakhadze/TASS Archive

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Russia does not intend to hold negotiations on conditions of debt repayment by Ukraine

KIEV, September 17. /TASS/. Ukraine is capable of once again restructuring its state debt in case of escalation in the country’s east, Finance Minister Natalia Yaresko said when addressing the Verkhovna Rada of Ukraine (parliament), which is considering the law on state debt restructuring.

"If a country faces a difficult situation, Ukraine like any obligator is always capable of once againt restructuring its debts," she said.

"You can see what happened to Greece not long ago, they’ve had restructuring not once and not even twice," she added.

Ukraine's public debt at the end of the year will amount to 91% of the country’s GDP, while the National Bank of Ukraine expects the figure to reach 95% of the GDP. Ukraine’s state budget for 2015 includes revenues of 502.26 bln hryvnia ($23.14 bln), expenses — 566.87 bln hryvnia ($26.12 bln), deficit limit — 75.82 bln hryvnia ($3.49 bln), or 4.1% of GDP, debt ceiling — at the level of 1.394 trillion hryvnia ($64.24 bln).

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