Money Pit: Zelensky govt signals intent to default on tens of billions in foreign debts

Western governments have allocated well over $100 billion to prop up Ukraine in its war against Russia, with countless billions more flooding into the country at an increasing pace. Yet as each day passes, it’s becoming more and more clear that all of the money awarded and assigned to Ukraine continues to dissolve into a black hole of secrecy, corruption, deceit, and now, default.

On Wednesday, Ukraine finance ministry asked foreign creditors to accept a delay in its debt repayments, requesting a two year freeze on billions of dollars in Eurobonds. Per the Financial Times, “a rescheduling would amount to a Ukrainian default” on Kiev’s tens of billions in foreign debt.

“Ukraine’s dollar bonds due in 2033 are trading around 18 cents on the dollar, down from about 25 cents at the end of last month and more than 80 cents before Russia’s invasion in February,” the Bloomberg report adds, highlighting the continuing decline of creditor confidence.

The Ron Paul Institute for Peace and Prosperity : Money Pit: Zelensky govt signals intent to default on tens of billions in foreign debts