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View Diary: Richest 2% Should Pay Taxes for the Other 98%. Tax the Rich, Says Ukraine Prime Minister Yatsenuk (123 comments)

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  •  How much of the $27 billion IMF loan will be used (5+ / 0-)
    Recommended by:
    tardis10, Chi, katiec, AoT, Calvino Partigiani

    to service foreign debt?

    The total foreign debt of the Ukraine is now over $140 billion of which $65 billion is short term. Foreign exchange reserves are about $10 billion.

    The Ukraine needs at least $25 billion this year to cover the current-account deficit and to pay foreign creditors.

    Yats has promised there would be no "haircuts" for the foreign creditors, no defaults on Eurobonds (of course) but a possible restructuring of other debts.

    BTW, part of the foreign debt is $30 billion in previous IMF loans in 2005 and 2010. The IMF loan-shark - each successive loan goes to pay interest and principle on the previous loan. Some countries in South America, where this game had been perfected, ended up paying 10 times of the amount of the original loan.

    •  Your trollish comments aren't welcome in my diary. (0+ / 0-)

      I wish I could speak more respectfully to you. Your 17 disagreeable comments here prove nothing but your determination to disrupt.

      You seem knowledgeable but you're a deliberate and persistent liar. Your comments depart from the facts. You show no regard for basic progressive ideals and principles. I have to conclude that you're here for some other reason. That's why you're not welcome.

      I have no reason to let you waste my time with bullshit like the $140 billion in gross foreign debt. The number includes public and private obligations. Foreigners who deposit funds in a Ukrainian bank are included, for example. If citizens and businesses domiciled in the Russian Federation withdrew their funds all at once, it would be the bank's obligation if it couldn't pay out, not the state's. Interbank obligations are also included. The state-owned businesses are filed under other sectors because they're entities separate from the state. There are far more details in that $140 billion than I care about. Being a crepe-hanger for Ukraine isn't my job. It's yours. Here's two links you can use to sort it all out and thrill yourself if you find any signs that the sky is falling.

      There is no existence without doubt.

      by Mark Lippman on Sat Mar 29, 2014 at 05:06:37 PM PDT

      [ Parent ]

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