The global economy is going into a recession. This is a bad time for countries like Ukraine: exports decline, tax revenues shrink, the currency devalues, the cost of borrowing soars, access to international credit falls. Is it a good time for the Ukrainian government to default on its debt? The short answer is “no”.
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Yuriy Gorodnichenko: What is the cost of default?
A policeman wearing a medical mask stands guard in front of the closed Gulliver shopping mall in Kyiv on March 22, 2020.
