2015 Economic Crisis
OP-ED
Anders Aslund: Things are looking up for Ukraine as debt deal reached
Ukrainian Finance Minister Natalie Jaresko gastures as she speaks during an interview with an Agence France-Presse journalist in Kyiv on Aug. 27. Ukraine said it had reach a crucial debt restructuring agreement that will see lenders accept a 20-percent principal write-down and keep global markets open to the cash-strapped ex-Soviet state.\"The deal agrees a 20 percent haircut on Ukraine's stock of sovereign and sovereign guaranteed debt, having immediate debt relief totalling approximately $3.6 billion,\" the finance ministry said in a statement.
Today Ukraine received great news. Private owners of $19 billion of Ukraine's Eurobonds have agreed to a substantial debt restructuring that will give Ukraine much-needed relief. The high bond yields have been sharply reduced, the bonds' maturities have been prolonged, and the face value of the bonds has been reduced by 20 percent.
