At first sight, it was a triumph. After months of negotiations Ukraine and a committee of its creditors (which include Franklin Templeton, an American investment house and BTG Pactual, a Brazilian one) reached a deal this week to restructure the country's international bonds, as well as a smattering of other sorts of debt, worth about $18 billion. Payments have been pushed back, meaning that the government will not need to cough up any principal or interest on the debts in question until 2019. The principal on the bonds will also be cut by 20 percent on average.
2015 Economic Crisis
The Economist: Tinkering around the edges
The Finance Minister Natalie Jaresko reacts during a joint briefing with the head of the National Bank of Ukraine Valeriya Hontareva on Feb. 25 in Kyiv.
