2015 Economic Crisis
OP-ED
Josh Cohen: Why investors who bet big on Ukraine should shoulder their own losses
Ukrainian Finance Minister Natalia Ann Jaresko attends a session of the World Economic Forum (WEF) annual meeting on Jan. 22, 2015 in Davos.
There may be only one way out of this mess for Ukraine: to default on its international debts and tell its foreign creditors to take a hike. While some argue that government debt restructurings are akin to theft from "powerless" creditors, Ukraine's foreign bondholders are sophisticated investors - including one of America's biggest investment firms - who knew the risks of investing there. No money from the International Monetary Fund (IMF), which is injecting cash into the Ukrainian economy, should go toward repaying Ukraine's debts to foreign creditors.
